6th Nov 2018 12:24
LONDON (Alliance News) - Royal Bank of Scotland Group PLC said Tuesday it is going to launch a digital bank for small and medium-sized enterprises.
The "digital banking proposition", called Mettle, will provide businesses with a combined current account with services like invoicing, payment chasing and bookkeeping capabilities. It will operate independently from the rest of the state-controlled banking group.
Mettle will be used from a mobile app with a debit card.
RBS said it needs to "adapt" in a "constantly evolving banking and technology landscape".
"The premise for Mettle lets our customers focus on 'forward-looking' finances, combining technology and proactive insights so SMEs can make better decisions and run their businesses more successfully," said Alison Rose, chief executive of Commercial & Retail banking.
RBS said Mettle is "the latest in a number of innovative offerings".
Rose continued: "Being able to engage with our customers and to get their direct feedback, at this early stage, is extremely important to us. We wanted to launch this new innovative account so that customers can focus on achieving their entrepreneurial goals while staying on top of their financial commitments."
Mettle is currently at the pilot stage and customers who open an account will be asked for their feedback to "influence how the product will develop".
"With their invaluable insight, we hope to save our customers from worrying about daily account management and cash uncertainties of the future."
In the bank's interim results, it reported its Commercial & Private Banking division secured 90% of new customers digitally, up from 75% at December 30.
Shares in RBS were down 1.0% Tuesday at 240.40 pence each.
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