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RBS bashes into mobile-only space with Monzo rival

Powered by NatWest, Bó will compete with the likes of Monzo and Starling Bank, which have been racking up customers

Royal Bank of Scotland - Royal Bank of Scotland enters mobile-only space with Monzo competitor
Which? says the services from RBS's Bo seem less competitive than its peers

Royal Bank of Scotland Group PLC (LON:RBS) has jumped on the digital bank-wagon with the launch of standalone service Bó.

Backed by NatWest, Bó will compete with the likes of Monzo and Starling Bank, which have been racking up customers attracted by their mobile-only, user-friendly offer.

READ: Royal Bank of Scotland knocked to ‘neutral’ by UBS after Q3 profit slump

According to RBS, the service was designed to help people manage their everyday spending by allowing them to budget, set goals and track their progress.

Customers will receive a bright yellow Visa card managed via an app allowing them to keep tabs on spending, allocate budgets and secure savings.

“If you want to use things like real-time payment updates and budgeting features, but don’t want to chance your arm with a banking brand you may not have heard of before, the fact that Bó is backed by NatWest could make it more enticing,” a report by Which? read.

But not only does the launch of Bó flag up the lack of such services from its existing NatWest app, consumer platform Which? said Bó is not as competitive as rival digital banks, plus there are some features missing: it does not offer interest on the savings, it cannot pay bills or direct debits, there is no loan service and employers cannot pay salaries into the account.

Quick facts: Royal Bank of Scotland

Price: 107.05 GBX

LSE:RBS
Market: LSE
Market Cap: £12.95 billion
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