Home Business News Revealed: New details about RBS’s digital challenger bank

Revealed: New details about RBS’s digital challenger bank

by LLB Reporter
24th Apr 18 9:24 am


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We had told you earlier this month that the Royal Bank of Scotland is working on plans to create a standalone digital bank, and millions of pounds have already been earmarked for the new platform.

According to a Forbes report today, RBS is building a new mobile-only bank and has set an internal target of switching 1m of its existing NatWest customers onto the mobile-only offering.

At a time when traditional banking system is facing heat from challenger banks like Starling and Monzo, RBS is planning a “marketplace” business model where it will earn commissions by assisting its customers to save by switching to financial products provided both by RBS and also other smaller fintech players across the industry.

“Our industry is changing rapidly and therefore we need to keep pace with this by launching new approaches to better serve our customers,” a spokesperson for RBS told Forbes.

“We will not comment on media speculation, but we’re focussed on using automation and technology to deliver a more efficient banking experience that better reflects the changing way our customers now bank.”

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