RBS Group to Wind Down Digital Banking Brand Bo
May 01 2020 - 6:27AM
Dow Jones News
By Adria Calatayud and Adam Clark
Royal Bank of Scotland Group PLC said Friday that it will wind
down digital-banking app Bo as a consumer-facing brand and
integrate its technology into Mettle, the group's online-only bank
for small businesses
The U.K. lender launched Bo in November as a competitor to
fast-growing digital banking services such as Monzo and Revolut.
Its shutdown is one of the earliest strategic decisions made by new
Chief Executive Alison Rose, who took up the role in November.
Bo's launch was marred by an authentication problem that forced
it to reissue around 6,000 cards to customers. Head of the project
Mark Bailie, formerly chief operating officer at the bank, departed
in February.
Write to Adria Calatayud at adria.calatayud@dowjones.com and to
Adam Clark at adam.clark@dowjones.com
(END) Dow Jones Newswires
May 01, 2020 06:12 ET (10:12 GMT)
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