27 April 2017
Find out more

NatWest launches three-minute business loan application

20 April 2017  |  6312 views  |  0 Natwest logo web screen shot

NatWest is launching a new lending platform for small businesses, providing clients with an individual pre-configured financing assessment viewable online and cutting the time taken for approval from 21 days to three minutes.

The bank has already pre-assessed half a million small business customers, who will have access to the platform when it is rolled out this summer, and will be making a total of £4bn in lending available to them.

Small businesses will no longer have to fill in any paper forms and the new system uses what the bank already knows about its customers, so they don’t have to fill in any information unnecessarily.

When customers log in to their online banking they will each immediately see how much they can borrow, up to a maximum limit of £35,000. Funds will be deposited within two days of approval.

As well as online, the platform also works across branch-based and telephone applications, abolishing previous channel-based silos in the lending process.

Marcelino Castrillo, managing director of business and private banking, says: “We want businesses to know we are open for lending, so rather than waiting for them to come to us, we will proactively show them how much they could borrow when they log in to their online banking.”

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

NatWest unveils online lending platform for SMEs

NatWest unveils online lending platform for SMEs

15 February 2017  |  6891 views  |  0 comments | 7 tweets | 4 linkedin
NatWest to roll out digital investment service

NatWest to roll out digital investment service

09 February 2017  |  4792 views  |  0 comments | 11 tweets | 5 linkedin
NatWest sets up alternative finance panel for loan referrals

NatWest sets up alternative finance panel for loan referrals

01 November 2016  |  6069 views  |  0 comments | 13 tweets | 7 linkedin
NatWest eases small business lending options with new iPad app

NatWest eases small business lending options with new iPad app

20 April 2016  |  8751 views  |  0 comments | 13 tweets | 6 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit vasco.com/news/PSD2-compliant-solutionsvisit dh.comVisit capgemini.com

Top payments topics

Most viewed Most shared
BBVA runs live funds transfers over RippleBBVA runs live funds transfers over Ripple
11976 views comments | 32 tweets | 20 linkedin
Coinbase plans Ethereum messaging appCoinbase plans Ethereum messaging app
9152 views comments | 14 tweets | 15 linkedin
Plastc goes into meltdownPlastc goes into meltdown
7234 views comments | 12 tweets | 7 linkedin
Six global banks join Swift DLT trialsSix global banks join Swift DLT trials
6757 views comments | 14 tweets | 35 linkedin
BBVA steps up fintech acquisition strategy with purchase of OpenpayBBVA steps up fintech acquisition strategy...
6378 views comments | 17 tweets | 16 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job