RBS plans on opening a digital challenger bank

(Tom) #186

Having explicitly asked both companies, via social media and the respective in-app support, and receiving the standard generic :soon: response, I’m not sure what else we’re supposed to do? It’s fine saying ‘just DM Tom’ (or Anne, in Starling’s case), but they’re unlikely to reply, in my experience. No idea who Megan is, unfortunately, so can’t ask her.

I’m sure it is actually imminent this time, but the point was more the fact that they’ve been saying the same thing for months, promising features which aren’t anywhere near being released.

EDIT: I completely understand about companies not wanting to commit themselves to something, but at least have a realistic response (ie end of the year or something), rather than just teasing ‘very soon’.

(l8n.me) #187

Megan is Chief Platform Officer and co-founder of Starling, AKA the woman to ask, and is very helpful if you ask questions. I wouldn’t DM or Email Anne either, no, I’m sure she’s very busy, but with other people in Starling i’ve had the completely opposite experience, which i tried to hint at but not say outright in case everyone cottons on and they get inundated by people DMing and emailing them lol

See my previous point. Asking ‘companies’ will get you nowhere. Ask people, one on one.

I get your point, but i fundamentally didn’t see that, so we’ll agree to disagree. As i said, there was a definite change in tone of their twitter waffle from what was basically, ‘at some point’ to ‘it’s almost here’ about 8 weeks ago, presumably when they were more sure things were almost there. Perhaps the SM messaging wasnt as coherent as it should have been, but i guess that is a result of a time with people going, new people coming, roles changing etc meaning that different people were doing SM. As i say, i can’t for the life of me understand why it has taken so long, but that’s a slightly different issue.

But either way, it’s nearly here, so that is good. Let’s focus on that! :grinning:

(lee) #188

Is there a date for Bo yet? Maybe they’ll beat N26

(#fullmonzo joint account since Aug18) #190

Just seen Bó by NatWest doing th rounds on Twitter. Anyone know when it will be out and why/how it will be a ‘Monzo killer’?

(#fullmonzo joint account since Aug18) #192

I had the same problem with the search term, I created a new topic for the above post and it was then moved here.

I already dislike the name of the bank intensely.

(David Walton) #193

The logo looks like it presents ‘BO’ with a bit of ‘waft’ coming off the O :face_vomiting:


(Jack) #194

I imagine once it officially launches this thread will be renamed “Bo Bank Discussion”

(Sam) #195

So RBS are launching Mettle and Bo (under the Natwest brand)? Interesting.

(Sacha) #196

I’m almost tempted to signup just so I can say I was a “Bo Selecta”

(Jack) #197

To me at least it seems that Mettle is their ‘Digital’ business banking brand & Bo will be their Personal ‘Digital’ Banking brand.

I believe that Bo is another trading name for Natwest whereas Mettle is another subsidiary.

(Jamie 🏳️‍🌈) #198

Bó = bunch of

Bunch of what? “Investment bankers”? :rofl:

Cockerknee rhymin slang Mary Poppins


Speaking of which:

RBS takes stake in student-focused fintech

Royal Bank of Scotland has taken a 25 per cent stake in a student-focused fintech start-up as it prepares to launch a new digital bank to rival the likes of Monzo and Starling.

Loot provides a current account and pre-paid debit card with controls and spending insights to help young people save. RBS said on Monday it had invested an additional £2m in the group, on top of a previously unannounced £3m investment made in 2018.

The investments were made on behalf of Bó, the digital-only bank RBS plans to open later this year.


So, Bó has been in touch. Which is nice.

This is what they say:

Happy 2019!
We hope your year has got off to a flying start. At Bó HQ we began January by announcing our £2 million investment in Loot. We both want to help people do money better and being part of each other’s story will benefit both us and our customers.

Look out for your invite
Our private Beta is surging ahead and the number of people joining Bó is growing week on week. We’ll be in touch soon to invite you and, as long as you meet certain criteria, you can become a Beta tester too.

Enter our prize draw
Did you know you could save more than £1,300 a year if you bring your lunch in to work every day? If you’d like the chance to win a Bó lunchbox, then reply to this email with your top January money saving tip, and we’ll send one to the first 20 people we hear from.

Bó in beta already. Exciting.

(Why has there been nothing on the interwebs about it? :thinking:)

(Jamie 🏳️‍🌈) #201

So, Bó is just Loot, is it?

(Jack) #202

Until Loot becomes Bó

If it goes well I can’t see why they wouldn’t acquire them in the longer term maybe?
especially since they have a stake in them.

(lee) #203

Placing bets on a ‘hot yellow’ card then?!

It should be pretty interesting to watch a bank the size of Natwest go after fintech in a way Monzo, Starling and N26 can’t afford to do.

They rightly get a lot of crap for the things they do badly but they’ve also got decades of experience so will be interesting to see their take. Especially interested to see their take on other products, other accounts and if you can pay in at RBS/Natwest branches.

If it does well we’ll probably see some of the bigger guys go shopping.

If its in better testing can’t be too far away off launching?


I’m not holding my breath… It’s only recently that I’ve been able to view pending transactions on my RBS account. They still insist on the old card reader for certain things too…

It’s going to take a significant switch in ideology for them to compete properly with Fintech banks

(Izzy) #205

I am with Brian, I really do not think fintech has much to worry from the likes of RBS and Natwest.

True they have had decades of experience, but they have also had decades of working their top talent to the ground and getting rid of them… they also have a decade of monumental cock ups behind them…

With an organisation the size of RBS and Natwest, its near impossible being agile no matter how much they try… i know this first hand from many years of working there

(lee) #206

Gearing up for public Beta
We’re still in our private Beta and working hard to fine tune some really nifty features. But we’ll need to test them in the real world soon. And that’s where you come in. You’ll be one of the first to be invited to join us, and we can’t wait to hear what you think. We’re almost ready for you and will send you your invite as soon as we are.

How soon is soon though :thinking: