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RBS digital consumer bank to be called Bó

By Mark Kleinman, City editor
The state-backed Royal Bank of Scotland (RBS) is to unveil a standalone consumer digital lender called Bo as it plots a fightback against the technology 'unicorns' which are threatening to poach millions of customers from their high street rivals.
Sky News can exclusively reveal that RBS has settled on the name Bó to spearhead a new banking platform that some analysts believe could be the most important launch since First Direct was created by HSBC in the late 1980s.
Approximately 100 RBS staff working on the project were briefed on the name on Thursday, according to insiders.The new venture is being spearheaded by Mark Bailie, RBS's former chief operating officer.Bó is slated to launch to the public next year, with RBS executives said to want to migrate one million NatWest customers to the new platform, which will only be accessible on mobile devices.Other details of Bó remain sketchy, although one insider who was briefed on the initiative said it would aim to harness artificial intelligence and big data techniques to help customers manage their financial affairs more efficiently.In April, Forbes magazine reported that the new platform could operate as a marketplace through which RBS would earn commission from encouraging customers to switch to more appropriate financial products.The reason for calling the new lender Bó are unclear, although one source said that it meant 'to live' in Danish.Sky News first revealed that RBS was working on the plan for a new digital lender in March.
RBS digital consumer bank to be called BГі

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RBS executives are said to want to migrate one million NatWest customers to the new platform
Executives from the big five high street banks are increasingly turning their attention to the technologically advanced propositions being developed by the likes of Monzo, Revolut and N26, the German-based fintech group which is aiming to launch in the UK within weeks.All three of those companies, as well as Zopa, have raised money at premium valuations this year.
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