8.6 C
New York
Monday, November 23, 2020
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.

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

Recent posts

Lisa Nowell left Monzo Bank after year in CRO position

After about a year Lisa Nowell joined Monzo as its first chief risk officer, she decided to leave to work as an SME lender Ashman Finance, Sifted reported.

Revolut and TrueLayer are bringing Open Banking to users in Germany

With the new Open Banking function (linked accounts), Revolut customers can now link all their bank accounts at Comdirect, Commerzbank, Deutsche Bank, ING-DiBa and Sparkasse in the Revolut app.

The Everly Summary (weekly TOP5 news)

Welcome to Everly.eu’s weekly summary. Let's see the most important news we have covered during the last week in a TOP 5 list!

Starling Bank moves into profit according to Anne Boden

Unlike its competitors, Starling Bank has achieved break-even this October and expects to be monthly profitable from here onwards on an operating profit basis.