RBS 2007 Annual Report Download - page 17
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15
RBS Group • Annual Report and Accounts 2007
Retail Markets – Retail
Highlights
•Among major high street banks, RBS and NatWest are
number one and number two, respectively, for customers
who say they are ‘extremely satisfied’ with their main
current account provider.
•With 2,278 RBS and NatWest branches, our network is
the UK’s largest. We opened, upgraded or refurbished
224 branches in 2007.
•50% of first year full-time undergraduates in England
and Wales with a student account have one with RBS
or NatWest.
Our focus on customer service, strong products and a
measured approach to risk were the foundations for success
in 2007. We originated more personal loans through branches
and fewer through direct channels. Recognising consumers’
shift from borrowing to saving we focused on selling savings
and investment products and NatWest opening more than one
million new savings accounts.
In Business Banking we maintained our leading share of the
SME market and invested in people, technology and service
quality to secure future growth, including returning 500 managers
to branches where they can work more closely with customers.
Tesco Personal Finance celebrated its tenth birthday, attracting
1.6 million new accounts, taking the total above 5.2 million.
2007 was another successful year for our credit card partnership
with Bank of China. A total of 2.3 million new cards were issued
across all channels, and our strength as a co-brand partner
was reflected in seven new co-brand deals with major companies
in China, including one with Air China.
Retailer Solutions – the number one merchant acquirer in the
UK and number three worldwide – benefited from consumers’
growing preference for cards over cash, and for e-shopping.
These helped boost transactions by 11%, with online
purchases up 39%.
Contribution (£m)
07
06
4,073
3,830
In September, Retail Markets
launched its Revolve account for
11– 18 year olds. Customers can
design and personalise the look
of their debit card.
Working closely with RBS
Insurance, Retail Markets has made
excellent progress in selling home
insurance through the RBS and
NatWest brands.