RBS: Bó’s closure highlights traditional banks’ digital deficit

The digital bank struggled to make an impact in a fiercely competitive field.

Bó, RBS’s digital bank for retail customers, announced in early May it was to close after just six months in business, with only 11,000 customers.

RBS’s digital bank for businesses, Mettle, will continue to operate.

Digital solutions are thriving as more people are forced to work from home.

In March, Skype saw a 220% increase in Skype-to-Skype calls, with 40 million active users each day, and Zoom boasted 200 million active users per day – up from 10 million just a month before.

Access intelligence that drives action

To unlock this research, enter your email to log in or enquire about access