Royal Bank of Scotland is planning to launch a new standalone consumer bank called Bo to fight industry challengers such as the British app bank Monzo and digital bank Revolut, Sky News reported.
The new consumer digital lender is being headed by the bank's former chief operating officer Mark Bailie and is expected to launch next year, Sky said on Thursday.
RBS executives are said to want to migrate one million NatWest customers to the new platform, which will only be accessible on mobile devices, Sky added.
“We’re focused on using automation and technology to deliver a more efficient banking experience that better reflects the changing way our customers now bank,” a RBS spokeswoman told Reuters in March.
British retail banks are poised to introduce money management apps to compete with those already launched by financial technology start-ups, betting their trusted brands, broad client base and deep pockets will help them make up lost ground.
RBS did not immediately reply to a request seeking comment.