Mike Phillips, a Senior Relationship Manager at NatWest, spends much of his day in meetings or on the phone to his customers, many of which are in the technology or media industries in London.
“It’s always been about engaging with clients and understanding what they do day-to-day,” says Phillips. That includes meetings, follow-up calls, keeping up to date on the industry, running events, such as conferences, and even keeping track of customers on Twitter. “You get a feeling for what’s going on, and it makes those engagements a little bit more meaningful.”
All that time spent with customers means Phillips has a clear idea of the challenges faced by the businesses he works with. And, regardless of the type of industry, his customers – and those looked after by his colleagues – report a string of shared challenges: uncertainty around Brexit; staff recruitment and retention; keeping pace with technology; and staying on top of regulation and compliance.
Hurdles noted, Phillips will either suggest a NatWest solution – perhaps a funding facility, to bridge a cash gap, or whether the company can borrow to buy offices rather than lease – or put clients in touch with external experts he knows and trusts. “Where we can, we address those challenges with products and services the bank provides,” he says. “But some challenges might involve solutions that come from outside the bank.”
That said, some challenges are clearly financial, and one that impacts many of Phillips clients is cashflow. “Probably the main challenge clients come across in any sector is funding gaps in their working capital, when they’re dealing with slow payers or taking on more business,” he says.
Phillips recalls one case where a customer brought such an issue to the bank. That customer was Gary Stewart, Director at Xceed Group, an international professional services and technology consultancy that specialises in large IT projects for financial services companies. “We work for very large companies that normally have 45-day payment terms,” says Stewart, “yet we’ve got suppliers and staff that need paying sooner than that. So we need cashflow funding.”
Xceed previously worked with a rival bank, but it was unable to sort out funding in North America. “We needed a partner that could work globally, and cover all the regions we work in,” Stewart says.
To address Xceed’s needs, Phillips spoke to the experts at NatWest who deal with invoice financing. “We had very detailed discussions about what the background of the business was, where they were at the moment, where they were in the market, and what they were looking to achieve,” says Phillips.
From his side, Stewart explained how the company’s growth aspirations meant there was a squeeze on cash. “Mike [Phillips] rose to the challenge,” says Stewart, “and what I was most pleased with was he turned the whole thing around in 90 days. Bearing in mind that there are different legal jurisdictions – with the US being particularly onerous – it was no mean feat for the team to get that facility in place so quickly.”
Stewart adds: “It’s really unusual these days for someone to deliver on their promises, because there’s always something that goes wrong, but the guys were focused on the deadline – it was almost minute-perfect.” Stewart said Xceed has had to tweak the funding facility since, which has “all been accommodated seamlessly”, and set up a foreign exchange facility too – particularly helpful in the light of ongoing Brexit talks.
“It’s allowed us to grow with lots of flexibility, and the relationship is going really well,” he says.
Xceed – and other similar clients – have ongoing discussions with NatWest about how Phillips and others at the bank can help. Conversations are structured around a Shared Relationship Plan document that tracks those quarterly updates, proposals and any work in progress. Stewart says that includes checking progress on the invoice funding, as well as wider plans for the future.
“The particular needs are met through these discussions, in terms of what the pain points are or what the opportunities are,” says Stewart. “Mike [Phillips] will chip in with facilities and products that NatWest has that may be of some benefit to the business going forward as well. It’s regular, intimate contact, and completely transparent – the good, the bad and the ugly – as that’s the way I like to do business. If we’re off the plan, we disclose it; if we’re powering ahead, we disclose it. It’s a very open, honest relationship, because that way the bank can support us in whatever way.”
And that, says Phillips, is the core of how a Relationship Manager spends their day: “It’s all about understanding customers’ requirements, strategies, and aspirations. The bank’s mantra is we want to be number one for customer service, trust and advocacy. And the only way we can do that is by providing an excellent experience for the customer.”
NatWest Relationship Managers work to understand your business. That’s why they’ve been voted number 1* for overall customer satisfaction. As well as rigorous training and accreditation by the Chartered Banker Institute, they’re given the autonomy to act quickly and decisively. Whether they’re anticipating key issues, identifying opportunities or offering personal expertise, they have the skills to build a strong partnership with you and your business. Click here to find out more
*Charterhouse Research Business Banking Survey, YE Q1 17 data weighted by region and turnover. No 1 position based on ‘excellent’ ratings (excluding ‘don’t know’) for Relationship Management service, as rated by NatWest’s customers with annual turnover of £2m-£25m in England & Wales, compared with ratings of competitor banks by their customers. Total respondents 1957, NatWest 489.
