NatWest Boxed and The AA have unveiled a strategic collaboration that will see The AA utilising Boxed’s embedded finance platform to offer a range of financial products to its customer base.
Later this year, customers of The AA, an insurance company and provider of roadside assistance in UK, will be able to apply for instant access savings accounts and unsecured personal loans.
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Through this collaboration, The AA expects to broaden its portfolio of financial services by offering “transparent” and “easy to use” financial products.
This is expected to empower AA customers with greater autonomy, flexibility, and confidence over their finances, whether they are setting aside funds for their initial driving lesson or covering expenses for an unexpected repair, stated NatWest Boxed, a cloud-native Banking-as-a-Service (BaaS platform).
Additionally, The AA plans to tailor its product offerings for personal breakdown members and insurance clients.
The AA CEO Jakob Pfaudler said: “We are delighted to announce this financial services partnership with NatWest Boxed as we continue to broaden the range of services we offer our members.
“This partnership demonstrates our strategy to drive growth by expanding our driving services and is supported by the strength of our brand.”
Savings and unsecured personal loans will be the initial step of this long-term strategic partnership, enabling The AA to provide a wider suite of embedded finance solutions over time.
NatWest Boxed stated that this partnership is powered by its technology as well as the operations, customer support and compliance expertise of NatWest Group.
Boxed’s platform is modern, cloud-native, digital, application programming interface (API) driven to deliver banking services securely.
NatWest Boxed CEO Andrew Ellis said: “Our partnership with The AA is a significant step in our journey to be the leading embedded finance provider in the UK. Boxed was built to power the financial services aspirations of UK’s biggest brands.
“We are proud to support the ambition The AA has for its customers, using our technology, balance sheet, operational support, and regulatory expertise to drive future growth.”
Last month, NatWest Group made a minority investment in Serene, an artificial platform (AI) platform that detects financial distress.
Serene’s platform leverages AI and behavioural science to offer real-time customer insights, allowing financial institutions to provide personalised and timely support.
