Bó (bank)
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| Company type | Trading division |
|---|---|
| Industry | Banking |
| Founded | 27 November 2019 |
| Defunct | 1 May 2020 |
| Services | Retail banking |
| Parent | National Westminster Bank |
| Website | wearebo |
Bó was a banking brand that operated in the United Kingdom between November 2019 and May 2020. Bó operated as a trading division of National Westminster Bank, part of the Royal Bank of Scotland Group, later renamed NatWest Group.
History
[edit]In March 2018, it was revealed that the then Royal Bank of Scotland Group were planning to establish a digital banking brand to rival services offered by newly established and tech-focused challenger banks.[1] The name of the new banking brand, Bó, was announced in September 2018.[2] Following a period of beta testing by RBS Group employees, Bó was launched to the public on 27 November 2019.[3] The development of Bó was estimated as costing £100 million.[4]
The chief executive officer of Bó, Mark Bailie, announced that he would be leaving the bank in 2020.[5]
On 1 May 2020, it was announced that Bó would close,[6] and its 11,413 customers were given 60 days to withdraw their money. Staff working for Bó would be transferred to NatWest's Mettle business banking division.[7][8]
Branding
[edit]
The Bó brand was developed by Accenture Interactive.[9] The name Bó was described as having no meaning in the English language but it has been reported that the word means "cow" in Irish and "to live" in Danish.[10][11] Bó used the marketing slogan "Do Money Better".[12] The Bó brand used yellow as its focus colour and its circular logo was said to represent the Sun.
Debit cards were yellow and in the portrait orientation on the front side, showing only the bank name and customer name. The card number, sort code and account number, expiration dates and CVC codes were printed on the reverse side.[13]
Services
[edit]Bó offered a current account and that was accessed through a debit card and mobile banking app. The app allowed customers to save money in a linked non-interest paying savings account and offered tools to help customers better manage their money. It allowed payments in and out using the faster payments system. The account did not support direct debits or standing orders and customers were not able to pay in cash or cheques.[14] Bó did not offer overdraft facilities or the ability to open joint accounts.[15]
References
[edit]- ^ "RBS said to be setting up its own digital bank".
- ^ Crisp, Wil (27 September 2018). "RBS prepares to launch standalone digital bank". The Telegraph.
- ^ "RBS launches digital bank Bo in bid to rival fintechs". 27 November 2019.
- ^ Cook, James (6 February 2020). "Why RBS's attempt to take on Monzo with Bó is failing". The Telegraph.
- ^ Cruise, Sinead; Withers, Iain (12 February 2020). "Digital bank Bó underwhelms investors as RBS revamp looms". Financial Post.
- ^ "We are closing Bo". National Westminster Bank. 1 May 2020. Retrieved 9 May 2020.[permanent dead link]
- ^ Afifi-Sabet, Keumars (1 May 2020). "RBS challenger brand Bó shuts down after just six months". IT PRO. Archived from the original on 5 August 2020. Retrieved 9 May 2020.
- ^ "RBS bids farewell to app-only offshoot Bó". Finextra Research. 1 May 2020. Retrieved 9 May 2020.
- ^ "Inside the launch of RBS's mobile banking brand Bó". 23 December 2019.
- ^ "Bó review | All we know about NatWest's new challenger bank". 14 November 2019.
- ^ "What's in a name | Bó". wearebo.co.uk. Archived from the original on 27 November 2019.
- ^ Silvers, Isabella (20 February 2020). "This is where all your money goes (and why you spend it)". Cosmopolitan. Retrieved 4 October 2021.
- ^ "Get To Know Your Spending Habits | Bó". wearebo.co.uk. Archived from the original on 17 February 2020.
- ^ "FAQs | Bó". wearebo.co.uk. Archived from the original on 17 February 2020.
- ^ "Bó review | All we know about NatWest's new challenger bank". 14 November 2019.