NatWest Group has been working with open banking and affordability software specialists, Paylink Solutions, on developing their digital income and expenditure (I&E) tool to support their agents and better understand customers currently in arrears or coming to the end of payment holidays.

In March 2020, NatWest Group approached Paylink to work alongside their digital experts from NatWest and RBS on developing end-to-end digital journeys segmented by product type (overdrafts, mortgages, credit cards etc.) that integrated with NatWest Group’s AI chatbot, Cora, to give their customers access to tailored outcomes depending on their individual circumstances.

Chris Laverick, Head of DMO Supplier Management at NatWest Group, said “We know, for some people, there is a stigma associated with debt and in particular having to speak to people about it.”

“The introduction of the Embark I&E is not only efficient, but more importantly allows customers to self-serve if that’s their preferred choice, and it can be done out of hours which is working well for the customer. Introducing CRA and Open Banking makes it easier and quicker for customers to get a full view of their financial statement, which they can also download for future use.”

Sue Rann, CEO of Paylink Solutions, said “We are thrilled to see the impact that our Embark tool has had on two of the UK’s leading banks’ collections processes.”

“These are unprecedented times we live in, and it’s vital that customers get the financial support they need with as little friction as possible, particularly with the halting of payment holidays and redundancies on the horizon.”