RBS 2003 Annual Report Download - page 23

Retail Banking
Annual Report and Accounts 2003
21
 We run a fleet of 12 mobile banks which
cover thousands of miles every year taking banking
services to over 250 remote rural communities. In
the Orkney islands some of Scotland’s most
northerly residents are served by a branch aboard
an aeroplane.
 We began piloting a new generation of
intelligent pay-in machines in both Royal Bank of
Scotland and NatWest branches.
Products
 NatWest launched three new savings
products: the 90-day Bonus Reserve Account is for
savers who want to limit withdrawals to earn an
interest bonus; the Private Banking Savings Account
helps customers to plan by balancing their assets
between accessible short-term savings and longer
term investments; Advantage Reserve, for packaged
account holders, gives instant access to competitively
priced savings.
 NatWest launched a new mortgage product.
Flexible Choice offers customers the flexibility to
vary monthly payments and save by paying off their
mortgage earlier.
 The NatWest Advantage Gold Account was
relaunched including a range of new benefits.
 Royal Bank of Scotland launched the Instant
Savings Tracker Account, which offers competitive
interest rates with instant access. We enhanced our
Royalties, and Royalties Gold packaged accounts
and launched Royalties Premier.
 To meet customer demand we launched a
new Permanent Life Assurance Plan for the over 50s.
Business customers
 We strengthened our position as the UK
market leader in banking for small and medium
sized businesses, increasing our number of
business customers by over 3%.
 Business customers have seen the introduction
of our new Telephone Business Service Review
complementing our existing face to face Business
Service Review. This provides customers with a
review of their financial needs without having to
leave their workplace.
 We continued to help more of our business
customers fulfil their growth aspirations by providing
the finance they need. Our business term lending
grew by 16% in 2003.
 Royal Bank of Scotland and NatWest
launched new business deposit accounts, Bonus
Reserve in Royal Bank and Bonus Saver in NatWest.
Both accounts are aimed at encouraging business
customers to set aside funds as a provision for
specific bills such as: tax, national insurance and
VAT; to cope with seasonal cash flow fluctuations; or
prepare for unexpected opportunities or difficulties.
 Last year NatWest and Royal Bank of Scotland
lent £500 million to small businesses based in the
5% most deprived postcodes in the UK. Our share
of lending in these areas is nearly double the
amount provided by our nearest competitor.
According to a recent Bank of England study into
access to finance for small firms in deprived areas,
our lending represents almost half of the total £1.2
billion lending to this sector.