Royal Bank of Scotland (RBS) has reportedly shut down its mobile-app banking group Bó just six months after launching to the public. Bó is described as a small business with big ambitions.
“We’re an app, a card, but most importantly a small change in your life. Bó is for the money you have left over after bills, the money you socialise with, eat with and ultimately the extra money you’re going to have left over come payday. Our aim is to help you do money better and love how you spend. “
According to Yahoo Finance, RBS reported during its full-year results announcement it would “wind down Bó as a customer-facing brand. The bank is now focusing on Mettle, which is the second of its two digital-only challenger brands and focuses on the small business market. Bó will also be merging with Mettle. The Bó website shows the following:
“We have taken the decision to wind down Bó and therefore we need to close all customer accounts. Don’t worry, your account will continue to work, your money is safe and we will give you at least 60 days notice before we close your account. We will be keeping our customers up to date with more information soon.”
Speaking about the situation, CEO of RBS, Alison Rose, stated to the media outlet that the circumstances have changed and the current situation has made the banking group prioritize what it should invest in and what it should do to support existing customers. Rose further explained:
“Bó was something we were testing and learning from. It was launched in the app store but we never undertook a consumer launch or introduced any type of acquisition targets.”
Prior to its closure, Bó had nearly 11,000 customers.