RBS’ new digital, cloud-based bank featuring a Visa card and mobile app, Bó, has officially launched.
In Brief:
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The challenger bank includes a bright yellow card connected to an app.
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Bó has its own chief executive but will use Natwest’s banking license.
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The app doesn’t aim to be a full current account but allows users to track spending and budget.
What does this mean?
The digital bank is being reported on as a challenge to the challengers – like Monzo and Revolut – which gained around 5mn new accounts in the first six months of this year.
