RBS hatches plan to create digital challenger bank

RBS hatches plan to create digital challenger bank

Royal Bank of Scotland is secretly working on plans to create its own digital challenger bank to face off the threats from startups like Monzo and Starling, according to Sky News.

Sky News has learnt that the Bank's former chief operating officer Mark Bailie is heading up the project.

Details are sketchy and subject to change, with uncertainty about a potential launch date, its autonomy within RBS and the branding of the new venture.

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."

News of the plans comes as Monzo celebrates the opening of half a million current accounts in the UK.

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