RBS 2006 Annual Report Download - page 20

RBS Group • Annual Report and Accounts 2006 19
■Contribution £4,364 million (2005 – £4,191 million)
■Total income up 5%
■Operating profit up 5%
Retail Markets focuses on serving our personal
and small business customers. It was established
in June 2005 to strengthen the co-ordination of
our full range of retail banking services across
our brands and channels in the UK. In December
2006 we created four distinct business areas:
Consumer Banking, Business Banking and Cards
& Direct Finance operate in the UK; and Wealth
Management serves customers in the UK,
continental Europe and the Asia Pacific region.
Consumer Banking
■Consumer Banking is joint first in the UK current account
market and the leading provider in the UK student current
account market.
■We continue to grow our share of the UK savings
market. The number of savings accounts taken out with
NatWest in 2006 grew by 11%, and balances grew by 14%,
helped by significant improvements to the speed and ease
of opening an account either in a branch, by telephone or
via the internet.
■NatWest was again the No 1 choice for student accounts,
with 42% of first-year students in England and Wales
opening their current account with us.
■Amongst high street bank customers who rate themselves
‘extremely satisfied’ with their main current account provider,
the Royal Bank of Scotland retained top position and
NatWest was again joint second.
■With over 2,250 branches, the Royal Bank of Scotland
and NatWest have the UK’s largest branch network. We
also have the largest free-to-use ATM network, with over
6,600 under the Royal Bank of Scotland, NatWest and
Tesco Personal Finance brands.
Retail Markets
■The Royal Bank of Scotland and NatWest maintained
our commitment to development of the branch network,
opening new branches, refurbishing or upgrading dozens
of branches, increasing the number of branches open on
Saturdays, and adding mobile bank routes in South Wales
and Aberdeenshire.
■We have one million new active telephone and internet
users, with an annual growth in active usage of more than
25%. Since May 2006, customers have been automatically
enrolled for telephone and internet banking when opening
a new account. 5.4 million customers use our telephone
banking service every month.
■Our Customer Account Opening system enables
our customers to open additional accounts within minutes,
whether they use branches, telephone or the internet.
■We launched RBS Intermediary Partners, providing
intermediaries with one point of contact for the Group’s
main mortgage brands: Royal Bank of Scotland, NatWest,
First Active and the One account.
■We launched Royal Bank of Scotland and NatWest
‘Lifetime Mortgages’, offering existing customers a no
negative equity guarantee and an option of either a monthly
income, lump sum or combination of both; and an interest
rate fixed for life.
■We launched the new NatWest and RBS Private
Banking services, which are tailored to the needs of
customers who typically earn more than £100,000 a year,
or with £50,000 or more to save or invest. We offer the
choice of a local relationship manager or advice by
phone through the new Private Banking Direct service.
A dedicated range of products and services, including
flexible borrowing facilities, guaranteed deposits and an
enhanced mortgage service have enabled us to build on
the Group’s position as the UK’s No1 provider of current
accounts amongst this high income group.