Signs of innovation from incumbents.
As the world of SME financing heats up, high street bank NatWest today launched instant decisions on asset financing up to £250,000.
The entirely online process, handled by NatWest’s Lombard lending arm, lets customers create custom quotes for one of 40 different asset classes including cars, vans, commercial vehicles, agricultural equipment, construction machinery and technology assets.
At the end of the process NatWest will provide an instant decision for the customers, which it calls a “first of its kind”.
To-date asset financing has been relatively untouched by mainstream fintech lenders—players like iwoca and Growth Street have focused on working capital and short-term lending—leaving NatWest some headroom to launch innovative features like its instant decisions.
“Our customers now have the ability to originate, fulfil and manage their asset finance requirements through the channel of their choice, and feedback continues to be positive,” said Craig Leyland, Lombard’s Head of Asset Finance, Product and Propositions.
“This is a great example of how we are accelerating our digital agenda to make it easier for our customers to do business with us in a safe and secure way.”
Lombard can also be accessed on any device, and NatWest is also launching one-to-one webchat to support customers through the instant decision process.