RBS re-brand

NatWest has partnered with Open Banking platform Tink as the Scandinavia-based firm hopes to expand its European presence.

The platform’s first UK partner, NatWest will utilise the Tink Personal Finance Management and Data Enrichment tools. This will provide the bank’s customers with personalised advice based on their spending.

NatWest hopes this will position them well to meet increasing customer demands in terms of digital. The features are set to go live in Q4 2019.

Tink has already partnered with banks in Europe such as BNP Paribas Fortis, ABN AMRO, and Nordea.

Daniel Kjellén, co-founder and CEO, Tink, said: “The partnership with NatWest is a great testament to the quality of our technology – and to their dedication to improve its digital offering and customer experience. We believe that there are massive opportunities for those who choose to leverage new technology in order to build greater engagement with their customers. This partnership is proof of just that.”

Tink

In February 2019, Tink raised €56m in an investment round that was led by New York-based Insight Venture Partners.

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The company’s existing investors Sunstone, SEB, Nordea Ventures and ABN Amro Digital Impact Fund also participated in the latest funding round.

Tink planned to use the investment to launch its services in new markets.

The company is in the middle of launching its developer platform to five new markets to bring the total to nine. In addition, it aims to be present in 20 European markets by the end of 2019.

It also aims to bolster its current employee strength to support the expansion. Tink, which now employs 150 people at its Stockholm headquarters, intends to double its European workforce.

Speaking to RBI, Kjellan previously said on collaboration: “[Banks] partner with us because they share the vision that consumer banking will be data driven in the future.

“The winner of this will be the one who makes sure that they have all data that’s relevant, that uses all that data to help the user understand their finances, and to be able to provide advice to the customer and sell products on top of that understanding and advice.

“The one who gets those three things together will be the Holy grail of data driven banking.”