RBS is a global financial institution that has its origin in Scotland and more specifically in Edinburgh and it was established in year 1727. For many years, RBS has transformed and developed to fit the existing environment of banking business as well as being loyal to its customers and societies. It is the now let us have a look at historical background of RBS, the progress, and the future prospect.
A Storied Heritage
RBS was established in Edinburgh, Scotland, it has contributed to the growth of banking and finance system significantly. Over the period of its activity, the bank has always been focused on the innovative and expansion approaches to making beneficial impact on the development of the United Kingdom’s economy and, in general, of the global one as well. Key milestones in RBS's history include:Key milestones in RBS's history include:
1727: RBS was founded in the year 1720, by receiving the royal charter from King George I.
1753: The bank has a distinguished history of the first overdraft facility hence changing the customer’s way of performing his banking operations.
2000: RBS bought over the National Westminster Bank which boosted it aministrative presence in the highly competitive UK banking industry.
Transformation and Resilience
Indeed, over the years RBS went through significant changes as it has tried to meet the demands and opportunities of the global financial crisis and changes in regulations. Key aspects of this transformation include:Key aspects of this transformation include:
Restructuring and Divestment: After the financial crisis of the year 2008, RBS had an extensive restructuring plan in place in a bid to sell all non-strategic businesses and operate in fewer countries where it has a strong footing.
Rebranding to NatWest Group: Previously, in September 2020, Royal Bank of Scotland changed its name to NatWest Group with reference to its largest division, NatWest, and the focus on its clients in the UK and Ireland.
Digital Transformation: To transform itself and become a digitally enabled bank, RBS has spent considerably in pursuing technological and innovative solutions for improving the possibility of digital banking in order to augment its services to the customers as well as in minimizing costs.
Sustainability and Responsibility Statement
RBS is strongly tied to the general values and principles of sustainability and corporate responsibility because the bank understands that the complex processes of the financial sector’s transformation toward the creation of a more sustainable and equitable economy should be supported. Key initiatives include:
Climate Action: RBS has committed itself to the goal of ensuring that it is a zero-carbon bank and has assured to align its financial activities of financing and investments with the Paris Agreement. The bank is also, assisting its customers and the business by empowering them to embrace the low carbon economy.
Financial Inclusion: RBS is committed to improving people’s access to finances and financial know-how; this is what distinguishes it as a financial organization that provides underserved communities with relevant products and services. The bank also provides support to programs that seek to expand the population’s knowledge of finance and their control over it.
Community Engagement: RBS displays social responsibility towards the various customers and clients, and the bank encourages and funds the various charitable activities and social causes such as through the introduction of the RBS Community Fund and other other CSR activities.
Innovative Products and Services
Tomorrow, RBS maintains vast financial services and it has all types of products and services needed by a customer whether is a business person, corporate or an individual. Key offerings include:
Retail Banking: The products that RBS offers to its customer include; deposits products such as savings and checking accounts, mortgage products, personal loans, credit card products among others. The mobile and internet banking of that particular bank is designed to provide the consumers, easy and safe banking services anywhere and at any time.
Commercial and Corporate Banking: These services include corporate banking offering, commercial banking, trading services, cash management as well as trade financing. The relationship managers in the bank engage with clients in order to determine what solutions that would suit the relevant customer’s needs.
Wealth Management: The GMC or the global wealth management center of RBS has targets affluent clients and assists them in realizing their personal financial objectives as well as to plan for their future with the help of investment.
Vision for the Future
This outlook, therefore, marks the bank’s vision of the future and normative business values it holds dear: integrity, service, and innovation. The bank's strategic priorities include:The bank's strategic priorities include:
Customer Focus: RBS mission is to further the company’s client base by enhancing its communication and understanding of customers’ requirements by providing them with unparalleled quality of service, product, and solutions.
Digital Innovation: The bank in its systems and various processes together with the applications that enable the clients to perform banking activities employs the use of technology in the operations in order to make the banking a worthy venture.
Sustainable Growth: On the strategic priorities of RBS, the company’s objective is the sustainable growth of revenues and grosslibo in the framework of its activities to activate the necessary changes for the transition to the low carbon economy, financial inclusion, and the creation of jobs and a positive social and environmental impact.
Conclusion
The now known as NatWest Group formerly known as the Royal Bank of Scotland Group offers a fairly short but a quite interesting example of a company that came out of a critical situation developing its original product and offering great customer service. In this context, RBS stays truthful to its traditions and shapes future opportunities – this is how the bank stays a significant actor in the permanent changes of banking and financial services environment as well as contributes to the proactive creation of the benefits both for the customers, shareholders, and societies. Thus, being an investment company the bank as well as all the companies planning for the future have a set of responsibilities: to build a better, sustainable world for everybody.
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