NatWest and Paylink help customers control their finances
As the COVID-19 pandemic continues to cause or exacerbate the financial strains of households worldwide, the need for FSIs (financial services institutions) to develop innovative software solutions to understand their customers is increasing.
Specifically, digital I&E (income and expenditure) tools can help people gain a more accurate overview of their financial situation and plan a course of action if they are falling into debt.
As such, Paylink, which has been committed to software R&D in this area for over 20 years with its Embark I&E product, was approached by NatWest in March 2020 to help create integrated, automated and comprehensive digital journey pathways for its customers.
Open banking: quicker and easier
Chris Laverick, Head of DMO Supplier Management at NatWest Group, stated that the company was aware of the social stigma surrounding customers’ disclosure of debt and was enthusiastic about the Paylink partnership as an automated alternative:
“The introduction of the Embark I&E is not only efficient, but more importantly allows customers to self-serve if that’s their preferred choice, and it can be done out of hours which is working well for the customer.
“These are unprecedented times we live in,” added Sue Rann, CEO of Paylink Solutions, “and it’s vital that customers get the financial support they need with as little friction as possible, particularly with the halting of payment holidays and redundancies on the horizon.”
NatWest partners with Apple Pay
Fundamentally, this decision appears to have been motivated by the company’s desire to improve the health and wellbeing of customers by negating the incidence of contact with others when completing transactions - a potential route for the virus to spread.
“We are proud [...] to be the first of the Big Six banks to offer this to our customers. Apple Pay allows customers to make safe, fast payments with minimal effort,” commented Matt Tuck, Head of Customer Propositions and Delivery, Commercial Banking, NatWest Group.
“This innovation supports our broader efforts to assist customers during this time with flexible, safe and easy options, and ultimately helps them to continue running their business.”
The FinTech Show: Bitcoin, crypto mining, and payments
In episode six of the FinTech Show (originally broadcast live on 11 June at 2pm BST), Scott Birch and Will Girling discuss:
- El Salvador becoming the first country to make Bitcoin legal tender
- China's decision to clamp down on crypto mining operations
- The new developments in post-COVID payments, including the EU's decision to give every citizen a digital wallet
We also explore the newly released June '21 edition of FinTech Magazine, including a special look at our profile piece on HOOPP and the future of small business lending (guided by iwoca). Special thanks go to Valeria Simantob for providing the front cover of that issue.
Before you go! Follow us on LinkedIn and make sure to tune in on 25 June for the next FinTech Show.