I agree with Simon. What is surprising is how, despite several examples of where established businesses have failed to do this kind of thing before, Bo still believe they can actually ‘add-value’ to Natwest by doing what they are doing. Perhaps they can, but it will be at a huge expense, and incredibly inefficient. It is a classic example of a cash rich institution with a complacent attitude and a relatively comfortable position in the market (currently), believing they don’t need to deal with this threat with any urgency. Kodak took the same approach in the 2000’s.
Also whoever did their marketing… awful.
Saying that, I think Monzo is becoming a tad complacent too , but that’s another story.
Prediction: Bo folds in a year and Natwest buy a digital banking service, perhaps one of the money management apps like Emma.