Business loans within hours part of move to ‘digitise’ RBS

The Royal Bank of Scotland is to offer business loans within hours as part of a move to “digitise the bank and bolster relations with small companies following alleged wrongdoing in its restructuring unit”, reports the Financial Times.

The state-backed bank is unveiling a site, called “Esme”, under its NatWest brand that will allow small and medium-sized businesses to obtain loans quickly, even outside working hours.

Alison Rose, chief executive of commercial and private banking, said the launch came in response to the rise of “peer-to-peer” and other direct lending sites that provide loans quickly to smaller businesses.

The new site, developed in-house by the bank’s innovation lab, processes each step of the application from credit scoring to ‘know your customer’ and anti-money laundering requirements.