RBS have announced the launch of a new digital bank named Bó, in an attempt to tackle the ever growing digital banking marketing.
The bank will be competing with start ups such as Starling and Monzo, though it could mean the closure of more branches and call centres.
Bó will be a cloud based bank complete with a bright yellow Visa card and mobile app.
Mark Bailie, chief executive of Bó, said: “In this digital, contactless age, people need support managing their money more than ever. It is all too easy to lose control. Our data suggests that three quarters of people in the UK are living financially unsustainable lives. We want to help change this.”
“We are launching Bó to help people build the habits and routines that will allow them do money better day-by-day and week after week so they can fund their lives and lifestyles in a more sustainable way.”