NatWest Boxed, the Group’s Banking-as-a-Service business, has joined forces with Saga to allow the latter to leverage its Embedded Finance platform and provide financial products to its customers.
Through this collaboration, NatWest Boxed and Saga seek to roll out a suite of savings products that meet the needs and demands of the latter’s customers.
NatWest Boxed and Saga’s offering
As part of the long-term strategic alliance, NatWest Boxed’s financial products will be available to existing Saga users, as well as facilitate the addition of new ones. Also, the move aims to further expand Saga’s range of financial services, initially through an augmented savings proposition. In the future, the two companies plan to include other financial services products as part of their offering. The collaboration merges NatWest’s scale and Boxed’s platform, operational and compliance knowledge, with Saga’s insight and experience in the market for individuals over 50 years old. This arrangement is set to provide optimal products and services that are user-friendly while also including accessible and reliable customer service.
Furthermore, the partnership comes as an extension of Saga Money’s offer, maintaining the same commitment to delivering a suite of products that are designed to serve the needs of people over 50 across the UK. Commenting on the move, representatives from Saga Money emphasised that working with NatWest Boxed will support their company in solidifying its position in offering flexible savings products.
At the same time, NatWest Boxed mentioned that partnering with Saga showcases how companies can deploy new technology, such as Embedded Finance, to provide specialised products and services at the point of need, create more value for customers, and support sustainable behaviours. The company plans to assist Saga in growing and improving its offering while also strengthening its position as an Embedded Finance partner in the UK.