8.6 C
New York
Thursday, May 23, 2024
Home Challanger banks RBS's Bó challenger to Monzo has failed and drops out

RBS’s Bó challenger to Monzo has failed and drops out

RBS launched Bó back in November 19′ to compete with the Monzo and Revolut but now Bó gets discarded.

RBS’s chief executive Alison Rose has informed that Bó will merge with its digital business bank Mettle. She has also denied that this is because of the failure of Bó to attract customers.

Rose argument was that the outbreak of COVID was the reason why she decided to terminate the Bo project: “We decided to refocus our efforts based on the current situation.” 

But Bó has clearly struggled to attract users in comparison with other challengers. Bó has around 11,000 customers, mostly “friends and family” of the bank, who RBS will “continue to support”.

This is not much considering the amounts of customers other challengers are able to attract. Bó has also struggled with technical glitches and branding issues.

With the launch of Bó the CEO, Mark Bailie left. RBS also had to reissue thousands of cards that weren’t up with the latest EU regulatory requirements on authentication. The chief product officer left last week.

Read also: Monzo has attracted most people who switched their accounts

“We are prioritising our investment spend across the bank on products and services that allow us to fully support our customers and that’s more critical than ever at this point,” Rose said.

“Bo was something that we were testing and learning from. It was launched in the app store but we undertook a consumer launch to introduce any type of acquisition targets,” she added.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.