Royal Bank of Scotland has launched its digital bank, called Bó, countering competition from startups like Monzo and Starling. The bank said the Bó app is designed to encourage people to budget and save better, alerting them if they overspend. It will target the 16.8 million Britons with savings less than 100 pounds. A spokesperson for the bank said the initiative could offer its parent cheaper funding by amassing customer deposits on its lower cost banking platform, although he did not say how much the bank had spent on the project. He said Bó is aimed to attract a material number of customers relative to NatWest within 5 years.
