Saga is expanding and diversifying its financial services offering through a strategic partnership with NatWest’s Banking-as-a-Service arm, Boxed.
The UK-based group for over-50s is looking to grow its money business by partnering with Boxed, which offers banking services to other financial institutions. This will enable Saga to enter the banking sector without the need for extensive infrastructure investment.
The partnership seeks to combine NatWest’s scale and banking capabilities with Saga’s customer insight and marketing strengths. This supports Saga’s ambition to grow its financial services offering and better serve its over-50s customer base.
Saga’s current portfolio of products includes cruises, holidays, insurance services and a savings platform, all exclusively designed for the over-50s demographic. The introduction of banking products marks the next step in addressing the changing needs of this demographic.
The next stage of the partnership will serve to broaden and differentiate Saga Money’s product range to meet evolving customer needs.
The partnership with NatWest follows a 20-year deal Saga signed last year with Belgian firm Ageas for motor and home insurance, as part of its strategy to broaden its product range.
Collaborating with the lender represents the next phase in Saga’s efforts to scale up its offering for older generations and further expand its financial services portfolio.