Bó was announced in November 2019 as RBS’ new digital banking offshoot; now the CEO of Bó Mark Bailie has...
Embattled UK bank Royal Bank of Scotland, a name it has gone by for 300 years, is rebranding to NatWest...
JP Morgan just shut down its neobank competitor Finn, targeted at Millennials in a smartphone app wrapper. Several other traditional banking incumbents have similar efforts, from Wells Fargo's Greenhouse, Citizens Bank's Citizens Access, MUFG's PurePoint and Midwest BankCentre's Rising Bank, as well as most of the Europeans (e.g., RBS competition to Starling called Mettle). These banks have every advantage -- from product infrastructure, to balance sheet, to regulatory licenses, to physical footprint, to relationships with the older generation. So how is it that players like Chime, MoneyLion, Revolut, and N26 are all able to get millions of happy users and the incumbents are failing?
RBS’s Monzo challenger Bó has shut down only six months after initially launching; the company plans to merge the technology...