The UK-based NatWest Bank has announced that it is launching a digital lending platform to offer fast loan decisions in a bid to respond to competitio
The UK-based NatWest Bank has announced that it is launching a digital lending platform to offer fast loan decisions in a bid to respond to competition from other financial technology firms.
As FinTech start-ups are hot on the heels of traditional banks, NatWest responds with its own digital platform offering quick and easy loan applications, explained Computer Weekly (computerweekly.com).
Peer-to-peer lending platforms like Zopa, Funding Circle and MarketInvoice match up quickly between independent lenders and borrowers. NatWest tries to fight back by offering its Esme platform that will be lending its own money rather than matching lenders and borrowers, according to Computer Weekly.
The Esme platform promises to offer unsecured loans to SMEs of up to 150,000 euros. Alison Rose, CEO for commercial and private banking at NatWest, said that the platform would offer near-instant loan decision for small to medium-sized companies.
“We’ve already broadened choices for customers, but we wanted to go one step further and create our own alternative lending platform.”, she added in an interview with Computer Weekly.
However, NatWest is not the only bank that is willing to utilize the blockchain technology. A survey conducted by IBM found that 15% out of 200 global banks could be running blockchain solutions by 2017, as cryptocoinnews.com wrote in December.
“These findings reveal that blockchain adoption is accelerating faster than originally anticipated, with organizations identifying key areas and benefits in which to explore solutions.”, stated IBM in their research.
Earlier this month Dutch bank ABN AMRO has collaborated with Netherlands-based invoice management company InvoiceSharing to offer a robo accountant tool to small business owners, as cryptocoinnews.com reported.
In the meantime, Thailand`s largest bank, Kasikonbank Pcl, announced the launch of a new FinTech platform by the end of this year, reads on cryptocoinnews.com.
Speaking to cryptocoinnews.com, Warut Siwasariyanon, head of research at Asia Wealth Securities Co. in Bangkok, said: “Digital-banking platforms will be the major infrastructure for domestic banks to maintain their competitiveness.”