NatWest is interested in investing in technologies that it may have use for, such as payments solutions provider Icon Solutions.
“That’s how the conversation started around [NatWest’s] investment,” Tom Kelleher, co-founder and commercial director at Icon Solutions, told Bank Automation News.
The London-based NatWest invested in the Icon Payments Framework in September 2023 to boost its payments platform, according to a March release from the bank.
Now the bank is further investing in the fintech by adding two of its own executives to the Icon Solutions Board of Directors, Kelleher told BAN.
In July, Icon Solutions added Ian Povey, CIO of payments technology, and Lee McNabb, head of payments strategy and partnerships, as board observers, according to a July 8 release.
In those positions, Povey and McNabb can share with Icon changes impending changes at NatWest while collaborating and innovating with the fintech based on the bank’s specific needs, Kelleher said.
Additionally, the pair can weigh in on business practices at Icon and provide business assistance, Kelleher said.
“They’re going to support us to be as successful as possible,” he said.
Investing in tech
NatWest is not only investing in payments technology, but also in other digital capabilities including its digital assistant, according to today’s second-quarter earnings presentation.
During the quarter, the London-based bank announced its generative AI-driven digital assistant, Cora+, which provides 24/7 service, according to a June 10 release.
Cora+ was developed in collaboration with IBM and is an extension of the bank’s digital assistant, Cora, according to the release.
Cora+ will be rolled out as a 12-week pilot and fully launched “at a later date,” according to the release.
In Q2, the bank reported:
- Net interest income of 2.7 billion pounds ($3.5 billion); and
- Total income of $4.7 billion.
MARKET REACTION: Shares of NatWest were trading at $361.90, up by 7% at 3:49 p.m. ET Friday. Natwest has a market capitalization of $30.1 billion.
Editor’s note: All amounts have been converted to U.S. dollars.
Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here.