Technology innovation and disruption | RBS

Technology Innovation and Disruption

The way that people bank is changing fast, driven both by new technology and a shift in customer behaviour. Today’s bank is focused on greater transparency, more choice for customers and maximising the rapid growth of technology to provide better, faster services.

Customers want products and services that are easy to use, high tech and tailored to their needs. To help achieve this, regulators realised the importance of bank’s sharing the customer data they held to improve the customer experience.

The Competition and Markets Authority (CMA) has instructed the nine largest banks in the UK to start using Open Banking Standard (OBS) Application Programme Interfaces (APIs) and many key deliveries have already been made. Our initial launch in Q1 2017 made our product and site location data accessible through APIs. We have also materially completed our preparation for launching customer account information and payments APIs ready for Q1 2018. 


So what does this mean?

It means customers can use third party services to access their account information and even make payments for them. These new third party services will be able to present a customer’s financial information all in one place, across different banks and services. So even if you have accounts with multiple banks, these services can show you data and manage your money across multiple accounts all at once.

As a business, in order to succeed, it is clear that we need to be technically able to deliver innovative solutions but we must also be culturally willing. We have continued to focus on nurturing that culture of innovation and our signature event, Disrupt ’17, held in August was s a clear indication of our intention and commitment.  


Developing our scouting networks

This year, we realigned our Scouting and Research teams together in a more effective structure. By joining the teams, and assigning clear goals for our scouting teams in the UK, US and Israel, we are ensuring we have access to the latest technology ideas.  


Exploiting our innovation centres

Our Edinburgh OX Centre was central to the delivery of our innovative solutions.  The centre played host to cells working on projects to explore and improve our customer propositions, including mortgages and a new business model. In London, we share creative space with one of our key partners, RocketSpace.  This temporary move, whilst we await the completion of our London OX centre, allows our teams to mix with technology leaders and provides access to innovative thinking and the latest trends.


Making sure we deliver

In 2017 our Innovation Forum chaired by the Chief Administrative Officer, and attended by all our franchise and function CEO’s and COO’s, invested a significant amount of seed funding into over 40 new initiatives.  

The Forum is uniquely focused on innovation – and provides an essential monthly focus on how we change the bank for the better.  It is also a critical forum to change our culture. 

The Forum prioritised and approved initiatives related to:

  • Artificial Intelligence
  • Online transactions and faster payments
  • New, secure, payment platforms
  • Anti-fraud and fraud detection technologies
  • HR and motivational technology
  • Data analytics technology
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