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“RBS is investing tens of millions of pounds in Bó, which is positioned firmly in the personal banking space and aims to compete head-on with the likes of Monzo, a three-year-old digital bank which already has over a million customers. Named after the Danish word for ‘to stay’, Bó aims to help customers manage their finances better, for example by alerting them to better deals from utility companies. RBS reportedly intends to shift around 1 million of its roughly 17 million UK retail customers onto the Bó platform after the launch, believing such cannibalisation is preferable to losing customers to rival fintech brands.”
― Ian Fraser, Shredded: Inside RBS, The Bank That Broke Britain