NatWest’s Tyl unveils new rewards app to help UK SMEs
- NatWest is giving consumers a chance to support traders hit by pandemic lockdowns.
- This is his latest effort to woo UK small and medium-sized businesses amid fierce competition from neobanks.
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NatWest’s business payments service Tyl has launched a rewards app to encourage customers to support UK small and medium-sized businesses (SMEs) that have been hit by lockdowns due to a coronavirus pandemic, through Crowdfund Insider.
The app, called Tyl Rewards, leash Tyl’s existing business customers – there is no additional cost to participate – offer their customers 10 reward points for every Â£ 1 ($ 1.28) they spend. Customers can use the app to redeem their accumulated points for rewards selected by merchants.
Merchants can also use the app to track the success of their rewards campaigns. The introduction of this app follows an increase in support for SMEs: 30% of UK customers believe that the pandemic has caused them to support their local businesses more frequently, through an internal investigation cited by Tyl.
Tyl Rewards is NatWest’s latest SME-centric initiative. The app is the third support offering the UK-based bank has rolled out in less than two months.
- In March, NatWest unveiled a free digital advice center called MentorDigital, which helps SMEs on topics such as employment law, health and safety guidelines and human resources. The hub is probably a game for small businesses that don’t handle these functions in-house.
- Last week NatWest revived its incubator program for SMEs. Over 1,400 UK companies will benefit from the relaunched incubator – which is open to SMEs at every stage of growth – as it offers them networked access to industry peers, one-on-one coaching and expert support in business cases. related sectors. .
NatWest’s support efforts focused on SMEs in the UK may be aimed at avoiding intense competition from
in the space. Over the past year, neobanks have seen rapid growth in user numbers in the UK SME space. Last Monday, Starling reported that it has 350,000 professional clients, an increase of 50,000 of just last month – and said it had reached 6% SME market share in the UK.
Meanwhile, Revolut has over 500,000 business and SME-focused clients
The tide has double its users over the past year, breaking the 330,000 member company mark and exceeding 5% UK SME market share – it has a target of 8% for 2023, according to at AltFi. As neobanks gain ground, NatWest’s recent focus on SME offerings could be an effort to avoid giving way to digital upstarts.
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