The AA, the UK’s leading provider of roadside assistance, is set to launch instant savings accounts by leveraging the cloud-native banking-as-a-service embedded finance platform, NatWest Boxed.
Following the partnership with NatWest Boxed, millions of AA customers can top-up and withdraw money instantly from new FSCS-protected savings accounts, while enjoying competitive rates on personal loans.
This partnership will enable AA to expand its range of financial services with transparent financial products, giving its customers more control, choice, and confidence over their finances, whether they are saving for their first driving lesson or helping with the cost of an emergency repair.
“This partnership demonstrates our strategy to drive growth by expanding our driving services and is supported by the strength of our brand,” explained Jakob Pfaudler, CEO of The AA. “We look forward to working with NatWest Boxed to ensure we can offer the products and services that work for our customers’ needs.”
The partnership will also see The AA offer a differentiated product range for its personal breakdown members and insurance customers, demonstrating and expanding the range of benefits of a membership with The AA.
More to come?
These savings and unsecured personal loans are set to become the first step of a long-term strategic partnership, setting the foundations for The AA to grow and offer a wider suite of embedded finance solutions over time.
Andrew Ellis, CEO of NatWest Boxed, also commented: “Our partnership with The AA is a significant step in our journey to be the leading embedded finance provider in the UK. Boxed was built to power the financial services aspirations of the UK’s biggest brands. We are proud to support the ambition The AA has for its customers, using our technology, balance sheet, operational support, and regulatory expertise to drive future growth.”
This partnership also highlights how leading firms like The AA can leverage new technologies to offer financial services at the point of need, provide additional value to customers, and drive sustainable behaviours – especially as non-financial brands increasingly deliver financial services directly to their customers.
