Latest news with #NatWest
Yahoo
12 hours ago
- Business
- Yahoo
Lloyds's new student current account does little to stand out from competitors
Lloyds Bank has launched a new student current account aimed at attracting younger customers in the UK, offering a £100 ($135) cash incentive, £90 in Deliveroo vouchers, and an interest-free arranged overdraft of up to £1,500, subject to application and eligibility. This initiative positions Lloyds alongside other major UK banks in the increasingly competitive race to win over Gen Z account holders ahead of the new academic year. However, cash incentives and food vouchers may not be sufficient for Lloyds to win the race, as GlobalData's Consumer Profile Analytics 2024 suggests that the majority of UK Gen Z consumers are choosing their financial services provider based on problem resolution and digital user experience. Although only 28% of UK Gen Z have taken loyalty rewards into account for their financial provider selection, the addition of Deliveroo vouchers is a notable effort to appeal directly to students' spending habits and lifestyle preferences. With food delivery services and convenience purchases being common among university students, these incentives are strategically designed to offer immediate value. But while these incentives may play a role, Lloyds must also demonstrate strength in customer service quality and digital offerings to effectively compete for these new young customers, as the bank is far from alone in targeting the student demographic. Competing banks are offering comparable packages. NatWest, for example, provides a student account with £85 in cash and a Tastecard valid for four years, worth £80 annually. Meanwhile, Nationwide is offering £100 in cash plus £120 in Just Eat vouchers. With such similar offerings across the market, Lloyds's new account lacks strong differentiation. Its features, while useful, do not set it meaningfully apart from what is already available in the market. GlobalData Consumer Profile Analytics 2024 Additionally, GlobalData's Consumer Profile Analytics 2024 reveals that UK consumers prefer to take new financial products from their main current account provider. 'I was already a customer' is the most selected reason for credit card and savings provider choice in the country. Against this context, Lloyds's push to bring students to set up accounts early on takes on greater long-term significance. Successfully onboarding students now could lead to a deeper customer relationship in the years ahead, as young adults take out credit cards and set up savings accounts. In short, Lloyds is in the race, but it is far from a guaranteed frontrunner. As UK banks compete for the attention of younger customers, particularly those entering higher education, the effectiveness of these incentive-based strategies will likely depend on how well banks can pair short-term benefits with long-term service. While Lloyds remains in the competition for younger customers, the lack of unique or standout features means its success may be modest and limited.
Finextra
13 hours ago
- Business
- Finextra
Pexa receives formal commitment from NatWest for implementation programme
PEXA Group Limited (ASX: PXA) is pleased to announce that its UK subsidiary, Digital Completion UK Ltd, trading as PEXA ('PEXA') and National Westminster Bank Plc ('NatWest') have formally committed to an implementation program to facilitate future remortgage and Sale & Purchase transactions by NatWest on PEXA's platform. 0 This engagement marks a key milestone in the strategic partnership between PEXA and NatWest and represents an important step in PEXA's journey towards executing on its strategic goals in the UK. A successful implementation program will support NatWest to expand its existing service offering, assisting with increased speed and certainty for digital remortgage transactions to UK homeowners and allowing NatWest to offer a wider range of digital property transactions through the sale & purchase functionality. Subject to successful implementation for NatWest, their remortgage transactions are expected to go live in the first half of calendar year 2026 (CY26), with their Sale & Purchase transactions intended to follow. The commencement of transactions is subject to completion of industry standard due diligence procedures and the execution of final Terms and Conditions. PEXA also plans to launch its broader Sale & Purchase solution to the wider market prior to the end of CY25, with the capability to support over 70% of property transaction types in England and Wales. Russell Cohen, CEO and Group Managing Director of PEXA, commented on the event: 'We are delighted to formally advance our partnership with NatWest, the first Tier 1 Lender in the UK to commit to an implementation program with PEXA. In this next step of our partnership, we look forward to working with them to digitise the property transaction process to deliver an enhanced customer experience. 'This important milestone strengthens our collaboration with leading UK bank NatWest. I would like to thank the PEXA UK team and the broader PEXA Group for their dedication and hard work towards digitising the property transaction process for the UK market, as currently enjoyed by our customers in Australia.'
Yahoo
14 hours ago
- Business
- Yahoo
Rural Asset Finance secures £120m facility backed by BBB guarantee
A new agreement between the British Business Bank and Rural Asset Finance is set to unlock around £120 million in funding for smaller rural and agricultural businesses across the UK. The deal, part of the Bank's ENABLE Guarantee programme, is expected to significantly expand access to competitive finance in the sector. The facility is being supported by funding from NatWest Bank and BCI Capital, with the British Business Bank guaranteeing a portion of NatWest's contribution. The agreement also includes sustainability-linked incentives that could lower borrowing costs if environmental performance targets are met. Michael Strevens of the British Business Bank said the transaction 'builds on the work we have done through the ENABLE Guarantees programme,' and is designed to improve funding access for non-bank lenders like Rural Asset Finance. He added that linking pricing to sustainability goals could lead to 'further expansion of small business lending in sustainable areas, including farm renewable energy installations.' Rural Asset Finance, established in 2019, specialises in providing tailored finance solutions to UK farmers and rural enterprises, combining asset finance and business loans to support modernisation, diversification, and sustainability efforts. Matthew Smart, Managing Director of Rural Asset Finance, described the new facility as a 'highly competitive offering' that puts the company in a strong position to support both advanced food production and alternative income strategies. 'Food production and diversification on UK farms are key to ensuring a healthy, robust future for the industry and the wider rural economy,' he said. NatWest Bank, a key funding partner, emphasised the strategic value of the initiative. Matthew Whittle, Relationship Director at NatWest, said the ENABLE Guarantee would 'help unlock capital, reduce costs and ultimately increase access to competitive funding for agricultural and rural businesses.' BCI Capital's Will Haynes echoed the importance of supporting specialised lenders. 'Rural Asset Finance plays a crucial role in enabling growth and resilience across the UK's agricultural and rural business landscape,' he said, adding that the partnership reflects BCI's commitment to underserved sectors and sustainable growth. The ENABLE Guarantee scheme, administered by the British Business Bank, is designed to encourage increased lending to small and medium-sized enterprises by allowing lenders to reduce the capital needed to support such loans, with the UK Government taking on part of the risk. "Rural Asset Finance secures £120m facility backed by BBB guarantee" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Record
14 hours ago
- Business
- Daily Record
NatWest to hike major banking account charges from next month - full list of changes
Thousands of customers are set to face increased costs for everyday transactions Bank customers will be used to constant service changes, and it's time to welcome a new one. NatWest is preparing to revamp its banking charges, meaning thousands of customers will face higher costs for routine transactions. The lender plans to modify its business current accounts by increasing fees for cash deposits, cheque processing, and specific online transfers. Charges for cash deposits into and withdrawals from business accounts will jump from 70p per £100 to 95p per £100 from August 30. Cheque processing, whether handled manually or through mobile banking, will also climb from 70p to 75p per cheque. The bank is additionally increasing some charges linked to its BACS payment system. The BACS system, a UK payment network used by businesses for electronic bank-to-bank transfers such as Direct Debits and Direct Credits, will see the fee for handling each individual payment or instruction climb from 18p to 21p. The cost to handle a file containing multiple payments or instructions will also edge up slightly from £5.25 to £5.35. Business bank accounts are commonly used by self-employed people, small business owners, charities, and community organisations to handle their finances, reports the Express. A spokesperson for NatWest said: "NatWest is changing the prices of some business banking services. It's been seven years since day-to-day banking charges have changed for our business customers. The cost of providing services has gone up so we've had to review our charges." NatWest has confirmed that the new charges will remain fixed until at least September 2027, but not all customers will be required to pay them. What's more, eligibility is determined by individual circumstances. Businesses and organisations currently enjoying free banking are not affected by the increasing charges. This includes new businesses with a turnover of less than £1million, who receive free banking for their first two years. Charities and community organisations with a turnover of less than £100,000 are also included, provided they maintain their eligibility. Established businesses with a turnover of less than £2million are also covered, but only for two years after switching accounts using the Current Account Switching Service. NatWest continues to offer business bank accounts without a monthly fee. Several other banks, including HSBC, Virgin Money, Monzo, and Co-operative Bank, also offer business banking without monthly fees. However, service charges vary, and not all digital banks permit cash deposits or withdrawals. It comes as customers of several major banks - including Natwest as well as Nationwide, Lloyds, and Santander - could pocket hundreds of pounds extra by carrying out one simple action - signing up for a new savings account. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. Financial experts are spotlighting the easy-access account from Chase, which boasts a robust five per cent rate for the first 12 months. This interest rate implies a substantial amount of money to be made in returns on savings. To avail of the five per cent rate, new customers must open a current account with Chase. You can find out more by clicking here. Full list of Natwest changes
IOL News
19 hours ago
- Business
- IOL News
Chats, hacks and cyber traps: When WhatsApp groups become serious cyber-risk zones
The cybersecurity risks of informal messaging platforms in the workplace Image: Supplied In the ever-evolving landscape of workplace communication, the convenience and familiarity of informal messaging platforms like WhatsApp and Telegram have become indispensable tools for many organisations. However, their widespread popularity among employees raises significant concerns related to cybersecurity, as highlighted by the 2025 KnowBe4 Africa Annual Cybersecurity Survey. The findings reveal that an overwhelming 93% of African respondents utilise WhatsApp for work communications, eclipsing traditional email and even Microsoft Teams. But what can organisations do to safeguard themselves against potential data leakage and other evolving threats? According to Anna Collard, Senior Vice President of Content Strategy and Evangelist at KnowBe4 Africa, the comfort of using these applications is a driving force behind their integration in workplaces. 'Particularly on the continent, many people prefer WhatsApp because it's fast, familiar, and frictionless,' she explains. In today's hybrid work environment, where collaboration is key, these platforms provide a quick and effective means for employees to connect. 'It feels natural to ping a colleague on WhatsApp, especially if you're trying to get a fast answer,' she adds. However, the convenience of informal platforms can lead to detrimental risks regarding control and compliance. Informal messaging, formal risks Recent incidents have illuminated the dangers associated with using these informal channels for professional communications. Notably, WhatsApp messages have been cited as evidence in employee tribunals, indicating the gravity of what can transpire in a seemingly harmless chat. The British bank NatWest has taken the bold step of banning WhatsApp communications among its staff, signalling a growing recognition of the associated perils. Furthermore, the alarming leak of a US military operation's details via Signal, an informal messaging app, underlines how these platforms can pose threats beyond the corporate realm. Collard points out that informal messaging apps were not designed with corporate usage in mind and lack essential privacy and business-level controls found in more secure tools like Microsoft Teams or Slack. 'Organisations face multiple layers of risk,' she warns. The spectre of data leakage stands at the forefront, with accidental or intentional sharing of sensitive information, such as client details and financial data, threatening to devastate corporate integrity and client trust. 'It's also completely beyond the organisation's control, creating a shadow IT problem,' she notes. Alarmingly, the 2025 survey revealed that 80% of respondents rely on personal devices for work, many of which remain unmanaged, ultimately creating significant blind spots for organisations. Additionally, the absence of an audit trail on these platforms can jeopardise compliance with industry-specific regulations. This is particularly relevant to sectors such as finance, where meticulous data handling is obligatory. Coupled with vulnerabilities to phishing and identity theft—where criminals exploit weak identity verification on these platforms—organisations find themselves in precarious territory. As Collard observes, numerous individuals have fallen prey to WhatsApp impersonation scams, with attackers capitalising on an unsuspecting user's compromised account to manipulate their contacts. This concern extends beyond mere security threats; the informal use of messaging platforms can also lead to inappropriate employee interactions and blur the boundaries between professional and personal life, contributing to workplace burnout. 'A constant stream of messages can disrupt focus and ultimately lower productivity,' claims Collard. Having the right guardrails in place To mitigate these risks, it is crucial for organisations to establish clear communication strategies. 'First, provide secure alternatives,' Collard advises. Rather than merely prohibiting the use of informal tools, businesses should make access to secure platforms like Teams or Slack simple and accessible. Furthermore, employee education is paramount. This training should encompass the significance of secure communication, focusing on digital mindfulness principles—encouraging employees to pause and consider what they are sharing, their intended recipients, and to remain vigilant against emotional triggers such as urgency, which are often exploited in social engineering attacks. Cultivating a culture of psychological safety is essential, allowing employees to feel empowered to question odd requests, even if they originate from higher-ups. Introducing approved communication tools can also enhance security features, incorporating capabilities such as audit logs, data protection, and access control. These secure platforms foster healthier communication practices, allowing employees to schedule messages and set availability statuses, thereby preserving work-life boundaries and enhancing overall digital wellbeing. In conclusion, while informal messaging platforms provide enticing convenience, their unchecked utilisation can usher in significant cybersecurity risks. As Collard underscores, organisations must transcend mere acknowledgment of the issue and proactively implement robust policies, offer secure alternatives, and empower employees with the digital mindfulness necessary to safely navigate these treacherous cyber landscapes. IOL
