RBS launches digital only bank for SMEs

Royal Bank of Scotland subsidiary NatWest has become the first of the UK’s big high street lenders to open a standalone digital bank after announcing the launch of Mettle, an innovative digital proposition for small businesses.

RBS says Mettle is “specifically designed to provide businesses with a new, forward looking way to manage their finances, combining a current account with invoicing, payment chasing and bookkeeping capabilities”.

The new bank will allow customers to open a business current account in minutes, forecast their business performance, create invoices from their mobile phone and provide reminders for chasing payments. All of these features will be wrapped in a single, easy-to-use mobile app with a debit card.

RBS said Mettle currently remains at pilot stage, and customers who open an account will work closely with the Mettle team to influence how the product will develop.

Alison Rose, chief executive of commercial and private banking at RBS, said: “We are really excited to launch Mettle, the latest in a number of innovative offerings from NatWest. With a constantly evolving banking and technology landscape we know we need to adapt in order to offer new customer-focused solutions. 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.

“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. With their invaluable insight, we hope to save our customers from worrying about daily account management and cash uncertainties of the future”.

Mettle, developed in partnership with 11:FS and Capco, aims to create an innovative end-to-end platform for businesses. It will run independently from the bank with both customers and non customers able to apply for an account.

UK small businesses can apply for Early Access for the Mettle pilot at www.mettle.co.uk.