Royal Bank of Scotland has launched its standalone digital bank Bó in a plan to ...
LONDON - Royal Bank of Scotland has launched its standalone digital bank Bó in a plan to fend off competition from fast-growing online start-ups including Monzo and Starling.
Bó Chief Executive Mark Bailie told reporters on Wednesday the venture could offer its parent cheaper funding by amassing customer deposits on its lower cost banking platform, although he did not say how much the bank had spent on the project.RBS, still majority state owned after a bailout in the 2008 financial crisis, has opted to launch a spin-out service, wagering that some consumers are tired of established brands. Its biggest brand, NatWest, has 16 million customers.
Bó’s launch comes as consumer group Which? published research showing RBS was among the worst lenders for IT glitches in Britain in the last year.
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