RBS plan to create digital challenger bank

Royal Bank of Scotland is working on secret plans to create its own digital challenger bank, according to Sky News, in a move that will allow it to go toe-to-toe with startups like Starling and Monzo, the later of which recently celebrated the opening of half a million current accounts in the UK.

According to the broadcaster, the Edinburgh-based lender’s chief operating officer Mark Bailie has been tasked with the project.

However, the Sky News report is light on details with uncertainty about a potential launch date, its autonomy within RBS and the enterprise’s branding.

In a statement issued to Sky News, an RBS spokeswoman said: “Our industry is changing rapidly and therefore we need to keep pace with this by launching new approaches to better serve our customers.

“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.”