RBS has launched a cloud-based digital banking brand called Bó.
The brand, fronted with a bright yellow Visa card has launched with mobile apps available on Google Play and Apple’s App Store.
Speaking to the media on its launch, RBS said that, “Bó has been specifically designed to help people manage their everyday spending by allowing them to budget, set goals and track their progress.”
The launch was planned using data from 2.6 million NatWest customers which showed that half of the customers spend everything they earn, a quarter spend more than their income and that for people earning less than £100K there appears to be no link between the amount earned with the amount saved.
RBS says that this data suggests saving is a “behavioural issue” and that Bó has been designed to “help customers build the habits that will help them…to replicate the behaviour of successful savers, with input from experts in behaviour change and money management.”
The new service lets customers separate money for spending from money for bills as well as providing data on spending habits.
Speaking to the media, Chief Executive of Bó, Mark Bailie said, “Our data suggest that three-quarters of people in the UK are living financially unsustainable lives. We want to help change this.
“Our aim is to transform the nation’s attitudes and behaviour around money and I’m hugely excited to see what we can achieve.”
The launch will see RBS going up against already established brands in the growing digital banking sector, including Monzo and Starling.