Royal Bank of Scotland has announced launching digital challenger Bó, using National Westminster Bank’s banking licence.
The bank, which comes with a bright yellow card and a separate chief executive but uses NatWest's banking licence, has been touted as RBS's response to challenger rivals like Monzo and Starling which have hoovered up millennial customers from established lenders. According to figures from the Current Account Switch Service, RBS has shed a net 25,438 current accounts this year, though NatWest has gained 37,663.
The move is the latest one from NatWest to embrace digital banking, with the bank previously announcing a partnership with Google to allow customers to do basic banking on its smart speakers and unveiling a digital personal assistant called Mimo - and a new business banking product Mettle.
Bó is a full-on bank and perhaps one which will take younger customers away from its parents as much as the other new kids on the block.
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