{"id":4765,"date":"2024-03-20T10:29:31","date_gmt":"2024-03-20T10:29:31","guid":{"rendered":"https:\/\/jsgroup.co.uk\/?p=4765"},"modified":"2024-03-20T11:12:40","modified_gmt":"2024-03-20T11:12:40","slug":"natwest-group-announces-new-strategic-partnership-to-bolster-support-for-wider-access-to-higher-education-for-students-and-highlights-potential-financial-savings-for-uk-universities","status":"publish","type":"post","link":"https:\/\/jsgroup.co.uk\/jsgmar26\/news-and-views\/news\/natwest-group-announces-new-strategic-partnership-to-bolster-support-for-wider-access-to-higher-education-for-students-and-highlights-potential-financial-savings-for-uk-universities\/","title":{"rendered":"NatWest Group announces new strategic partnership to bolster support for wider access to higher education for students and highlights potential financial savings for UK universities"},"content":{"rendered":"<div id=\"pl-4765\"  class=\"panel-layout\" ><div id=\"pg-4765-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-4765-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-4765-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<ul>\n<li>Universities collectively invest around \u00a31bn annually in students in the form of bursaries, scholarships, hardship funds and other awards, JS Group estimates.<\/li>\n<li>Universities could save between 4-12% of their current total financial administration costs by adopting innovative approaches to such payments.<\/li>\n<li>This comes at a time when universities are facing particular pressures on their finances.<\/li>\n<\/ul>\n<p>NatWest has announced a strategic partnership with the JS Group, that aims to drive social mobility and inclusion in higher education for students, while helping universities achieve greater efficiencies and effectiveness in the way that they make payments to their students.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-4765-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-4765-1-0\"  class=\"panel-grid-cell\" ><div id=\"panel-4765-1-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>NatWest will work with JS Group, an innovative partner to universities with a track record of improving the delivery of specialist student funds and of strengthening student engagement, to support more students as they progress within the UK\u2019s higher education system.<\/p>\n<p>It\u2019s the first partnership of its kind for the bank within the education sector and could encourage wider adoption of open banking as a means for universities to be more effective and efficient. Aspire Cash saves time and money in the provision of bursaries and hardship funding to their students.<\/p>\n<p>As part of this new strategic partnership, NatWest relationship managers will be able to reach out to universities and refer them to Aspire Cash, the JS Group payment solution powered by <a href=\"https:\/\/www.payitbynatwest.com\/customer-stories\/jsgroup\" target=\"_blank\" rel=\"noopener\">Payit<sup>TM<\/sup> by NatWest<\/a>, to help universities get urgent funds to students in minutes rather than days.\u00a0 And universities don\u2019t need to be NatWest customers to benefit.<\/p>\n<p>With JS Group estimating that \u00a3800m to \u00a31bn is being issued to students each year, and financial pressures on students increasing, the administrative costs for universities processing payments continues to grow. With Aspire Cash, universities can reduce their administrative costs and increase the impact of their student funding.<\/p>\n<p>These payments include a combination of criteria-based awards and application-based payments such as bursaries, digital access funds, hardship funds and endowments, scholarships and other third-party funding schemes.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-4765-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-4765-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-4765-2-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-4765-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><strong>Barrie Davison, <\/strong>Head of Education Sector at NatWest:<\/p>\n<p><em>\u201cAs a national employer and major graduate and apprentice recruiter, NatWest has a major role to play in enabling social mobility. Our partnership with JS Group had been forged through the strong alignment of our respective organisational values and desire to champion inclusivity.<\/em><\/p>\n<p><em>\u201cHigher education serves as a catalyst for individual and societal advancement. However, access to it remains unequal, with students from disadvantaged backgrounds significantly underrepresented in UK universities.<\/em><\/p>\n<p><em>\u201cBy providing targeted financial support, bursaries significantly contribute to reducing barriers to higher education, enabling a diverse range of students to access university education. Bursaries help cultivate a more equitable and inclusive academic environment. This diversity enriches the learning experience for all students, fostering a culture of tolerance and mutual respect.<\/em><\/p>\n<p><em>\u201cIn turn this fosters a skilled workforce, driving innovation, productivity, and economic growth. Enabling students from all backgrounds to access university education, helps maximise the potential of the nation\u2019s human capital.\u201d<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-4765-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-4765-2-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-4765-2-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><strong><em>Peter Gray, <\/em><\/strong><em>CEO, JS Group comments:<\/em><\/p>\n<p><em>\u201cWe have been working with more than 30 UK universities to ensure that they are far more effective and efficient in the way that they invest in and operate their specialist student funds. Payments are rapid and \u00a0the use of funds bring about an enormous step change in student engagement. <\/em><\/p>\n<p><em>Our mission is to help universities to improve the way that they support students who are drawn from non-traditional backgrounds and we see this new strategic partnership with NatWest as a way of reaching out to many more universities who can now benefit from our commitment to positive change in higher education.\u201d<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-4765-2-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>The JS Group works with more than 30 universities across the UK and has a longstanding mission to drive better investment in student engagement and student futures. It has recently won two major open banking awards for its pioneering approach to student finance and been cited in a higher education think tank (HEPI) report as a model for addressing cost-of-living pressures for students.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pg-4765-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-4765-3-0\"  class=\"panel-grid-cell\" ><div id=\"panel-4765-3-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>The <a href=\"\/funding-students\/aspire-cash\/\" target=\"_blank\" rel=\"noopener\">Aspire Cash<\/a> service aims to simplify access to money, by helping students mitigate financial hardship with faster payments directly into their bank account and has been launched with universities across the UK.<\/p>\n<p>Through the Aspire Cash funding platform, JS Group\u00a0 sets-up accounts for\u00a0 benefitting students and send them details of how to access their funds. Students can drawdown their funds using the Payit by NatWest API solution when and where they like, to the bank account of their choice, using their smartphone and a secure two-factor verification process.<\/p>\n<p><a href=\"https:\/\/www.payitbynatwest.com\/customer-stories\/jsgroup\" target=\"_blank\" rel=\"noopener\">Payit by NatWest<\/a> means universities don\u2019t need to collect and verify student bank account details or mobile phone numbers manually. Instead, institutional finance teams simply need to provide details of benefitting students and their award.<\/p>\n<p>This innovative approach offers students access to funds in real time, control of where the funds are sent and in tranches should they wish which helps with budgeting.<\/p>\n<p>Universities are able to offer a better customer experience for students, benefit from cost savings as it reduces the involvement of a finance team, lessens any data security obligations associated with student bank details and provides the university with the opportunity to capture more student data. This insight into students with financial support needs will help inform better targeted allocation of funding.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Universities collectively invest around \u00a31bn annually in students in the form of bursaries, scholarships, hardship funds and other awards, JS Group estimates. Universities could save between 4-12% of their current total financial administration costs by adopting innovative approaches to such payments. This comes at a time when universities are facing particular pressures on their finances.<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" aria-label=\"NatWest Group announces new strategic partnership to bolster support for wider access to higher education for students and highlights potential financial savings for UK universities\" href=\"https:\/\/jsgroup.co.uk\/jsgmar26\/news-and-views\/news\/natwest-group-announces-new-strategic-partnership-to-bolster-support-for-wider-access-to-higher-education-for-students-and-highlights-potential-financial-savings-for-uk-universities\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":4770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/posts\/4765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/comments?post=4765"}],"version-history":[{"count":0,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/posts\/4765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/media\/4770"}],"wp:attachment":[{"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/media?parent=4765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/categories?post=4765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jsgroup.co.uk\/jsgmar26\/wp-json\/wp\/v2\/tags?post=4765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}