How Capco launched a new business for NatWest: Mettle  

INTRODUCTION

In 2017, Capco partnered with Natwest to create a new breed of bank for businesses, Mettle.

Natwest wanted to do more to help small and medium-sized businesses, which are traditionally underserved by the banking industry. They also wanted to design something completely new, outside of their existing technology stack. And that’s where Capco came in.

In just three months, we built a proof of concept, and within six months 50 Mettle employees had begun testing their accounts.                                                  

Today, Mettle is live with thousands of customers offering a service that goes beyond just banking, it helps people run their business.

Why now?

In 2017, Natwest had a hunch that the market was about to change very quickly, driven by changes in regulation, new entrants, and increased customer expectations driven by adjacent industries.

PSD2 and Open Banking were lowering the barriers for new players to offer new services on top of existing banks, disintermediating them in the process. Meanwhile, loosening of the banking license requirements for new entrants had already led to the emergence of neobanks in the retail banking space and new challenges in the business banking market.

Everyday banking was changing rapidly, as were consumer expectations of online and mobile services. 

All these factors combined have disrupted banks’ ‘business as usual’ and made a fiercely competitive financial services landscape.

STARTING WITH CUSTOMERS

We started with the customer. Whilst we understood disruption was likely, we wanted to build a differentiated proposition that really helped improve the financial side of running a business. 

Using the ‘Jobs to be Done’ framework we went out and spoke to business owners to understand the key ‘jobs’ they carried out to manage the financial side of their business. We then surveyed hundreds of other businesses to understand the relative importance they placed on doing these tasks to run their business, as well as their satisfaction with the existing tools they currently use. This allowed to us to plot where the opportunity was for Natwest and offer a proposition that was genuinely useful to customers.

DELIVERING AT SPEED

With our hypotheses for the product, we then set about building a minimum viable product to quickly test customer appetite for Mettle, the business account that frees you to run your business.

Mettle was set up as a new and separate legal entity from Natwest, to allow the business to operate outside of the traditional technology, operations and governance structure. The goal was to deliver at speed and experiment like a true start-up with minimal risk exposure.

Using modern technologies and agile delivery, we set up autonomous, cross-functional mission teams to deliver the proposition. With this structure in place, we were able to take Mettle from inception to the ‘live-proving’ stage in six months, and to market in just 12 months.

WHAT WE DELIVERED

Capco took the brief of a market problem, and together with Natwest, designed and delivered a fully functioning and scalable business to customers. We didn’t just build an app, we built a business, complete with customer and business operations such as the fraud and AML processes required to operate a banking product.

We continue to develop Mettle’s own ‘greenfield’ cloud-based tech stack and bespoke tools using agile ways of working to enable continuous integration and delivery, high-scalability and robustness. 

The outcome: A challenger bank for Natwest that is a mission-focused business which continues to innovate for the bank and its customers.

Functionality includes:

  • Open a new account in just five minutes – remote mobile onboarding with eKYC, eKYB, and anti-impersonation checks
  • Get paid what you’re owed with smarted invoicing – create an invoice with your company logo, send the invoice from your phone, get notified when you’ve been paid, and match the payment to the outstanding invoice
  • Simplify your expenses - capture receipts and categorize transactions, and export your expense data for bookkeeping
  • Control your costs - track bills and schedule payments
  • Make better decisions – see an overview of your cashflow, what’s coming in and going out
  • Asynchronous in-app customer support chat – makes sure queries are logged and dealt with in the most convenient way for the user. 

To find out more about Mettle, visit www.mettle.co.uk

To find out how Capco can create pioneering digital bank propositions for you, contact Jack Burrows