The bailed-out owner of Natwest is aiming to shift a million customers on to a new mobile phone-only bank that will be called Bo.
Some sources informed Sky News that charging forward with Mark Bailie, the former operations chief of RBS, at the helm, approximately 100 employees are believed to have been briefed on the name of the project.
Royal Bank of Scotland has closed 1,423 of its branches since it was rescued by taxpayers approximately 10 years ago. It will run Bo over the internet.
Bo is anticipated to launch to customers next year. It aims of migrating 1 million Natwest customers to the new mobile platform. However, bosses say that no one will be forced to move on to it.
The name is believed to be a reference to the words that means “to live” in Danish. It bears a striking resemblance to the own digital offshoot bank B of CYBG.
A spokesperson for the RBS said that the digital bank is just one of many projects that it is currently exploring for its customers.
He stated: “As part of the bank’s wider investment in digital and innovation, RBS is working on a range of projects to better serve our customers in the era of digital and open banking.”
RBS was one of many banks that experienced serious technical failures during the past week, which left millions of their customers locked out of their bank accounts.
Bo is said to be proposed as a rival to a number of the successful challenger banks in the United Kingdom, including Revolut, Starling Bank, and Monzo some of whom are currently involved in a bid to win a portion of the £775 million banking prize of RBS for small to medium-sized business banking.
RBS is the latest big bank to attempt to push customers on to the web, enabling them to shrink their branch networks and reduce costs.