Digital Banking

In his short life, Bó had two CEOs and a number of high-profile blunders, including several thousand cards to reissue.

Image source: Marieke Flament / Mettle

The Royal Bank of Scotland (RBS) closes one of its retail banking offer Bó after a slow start for the brand in an increasingly crowded field

The bank disclosed the move to "wind down Bó as a customer-facing brand" in its Q1 2020 report released this morning.

RBS also publicly stated that it would merge Bó with its SME-focused digital banking platform Mettle and "the technology used in Bó will be integrated into Mettle as it develops."

Marett Flament, Mettle's CEO, was appointed Bó's CEO earlier this year after Mark Bailie stepped down after only a few months.

Bó officially launched at the end of November 2019 with plans to take on big hitters like Monzo, Revolut and Starling and probably had 3,500 customers sign up for the launch.

The digital bank had a rocky journey, at the beginning of February it was revealed that it had to replace customer cards after a surveillance on Strong customer authentication.

The number of cards replaced was initially reduced to 30,000, but Bó had to spend only 6,000 due to a shortage of customers.

Following the announcement in & # 39; s statement from RBS, Group CEO Alison Rose said Yahoo Finance that "the circumstances had changed."

A spokesperson for RBS said: “We prioritize our investment spend across the bank on products and services so we can provide the best possible support for customers and colleagues. This is more critical than ever given the challenges that we all face at this time. "

"After careful consideration, we made the decision to close Bó, and focus on our digital bank for SMEs, Mettle. As a bank, we will continue with testing and learning, investing in innovative banking services that will provide a better experience for our new and existing customers. "

Rose also confirmed that Bó had only 11,000 customers, most of whom & # 39; friends & family & # 39; were.

Bó's closure will come as a fresh blow to RBS, as it was revealed that its profits were halving as a result of its ongoing pandemic.

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