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Global Banking & Finance Review
Nationwide, the world’s largest building society, today announces it has invested in a leading fintech as it aims to disrupt the business banking market by delivering “game-changing” customer service on both the high street and online
  • Partnership with 10x Future Technologies enables Society to build innovative digital platform
  • Digital offering will be complemented by Society’s unwavering commitment to branches
  • Service will evolve to respond to current and future needs of UK’s 5.7 million small businesses

 Nationwide, the world’s largest building society, today announces it has invested in a leading fintech as it aims to disrupt the business banking market by delivering “game-changing” customer service on both the high street and online.

Last year the Society announced that it would launch a business current account in support of the UK’s 5.7 million small businesses, from tradespeople and sole traders to owner-managed businesses.

The £15 million investment in 10x Future Technologies – part of a Series B funding round – gives Nationwide a minority shareholding aimed at creating a true partnership approach to designing and building an innovative digital platform for the new current account. 10x is working with the Society to deliver the digital platform, which will be launched towards the end of the year.

As a mutual organisation driven by member needs and not profit, Nationwide will focus on smaller businesses, many of which have been underserved by the five big banks dominating 85 per cent of the market1.

The Society, which has 15 million members, up to a million of whom are business owners, is bidding for £50 million funding from the Capability and Innovation Fund1 so it can reach as many small businesses as possible with a fully-fledged proposition.

While acknowledging the growth of digital, Nationwide has maintained steady use of its branches and believes they still play a critical…

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Global Banking & Finance Review
Moneycorp and Futurice discuss some of the key lessons and insights they have gleaned through their partnership

Moneycorp Chief Finance and Operating Officer Nick Haslehurst and Futurice Commercial Director David Mitchell explain What international finance can learn from retail banking and why it’s time for a more customer-centric approach 

UK-based Moneycorp isa global specialist in currency exchange, hedging and international payments, handling a huge volume of transactions for a wide variety of corporate, institutional and individual customers in over 190 currencies. Digital engineering and innovation consultancy Futuricehas worked with Moneycorp since 2016 to design and build a new customer-centric online platform and service experience. In the following interview, Moneycorp Chief Finance and Operating Officer Nick Haslehurst (NH) and Futurice Commercial Director David Mitchell (DM)discuss some of the key lessons and insights they have gleaned through the partnership.

Can you explain what brought Moneycorp and Futurice together?

NH: With financial services becoming increasingly tech-focused, Moneycorp saw an opportunity to bring retail banking-style customer centricity to currency exchange and international payments. As a result, the company partnered with Futurice to co-create a best-in-class international payment platform for private and corporate customers.

DM: Initially, Futurice’s role focused on the technological transformation of Moneycorp’s digital platform. However, as the partnership grew, we took a deeper role, helping Moneycorp develop a more agile culture and getting employees prepared for digital transformation. 

Why is ‘retail banking-style customer centricity’ important?

NH: Firstly, because International Banking and Foreign Exchange is not a joined up service that customers can acquire, regulation, currency restrictions and the lack of communication across payments networks, make…

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