RBS phone-only bank

THE bailed- out owner of Natwest is hoping to shift a million customers on to a new mobile phone-only bank called Bo.

Royal Bank of Scotland, which has closed 1,423 branches since it was rescued by taxpayers a decade ago, will run Bo over the internet. Bosses say no one will be forced to move on to it.

Around 100 staff working on the project were told the name yesterday, according to Sky News. RBS is the latest big bank to try to push customers on to the web, enabling them to shrink their branch networks and cut costs.

The biggest players face a threat from new online-only rivals such as Monzo and Revolut.

It is thought that Bo, which is overseen by Mark Bailie, former chief operating officer of RBS, will use artificial intelligence to help customers manage their financial affairs better.