RBS aims to move one million customers to new mobile bank - Forbes

RBS aims to move one million customers to new mobile bank - Forbes

RBS is reportedly planning to move up to a million NatWest customers to a new greenfield online only banking offshoot, as it faces up to competition from app-based startups like Monzo and Starling.

Sketchy details about the project, which is being led by the Bank's former chief operating officer Mark Bailie, first emerged in March.

Citing an anonymous insider, Forbes says the new bank is being built by a lean team of just 80 developers and bankers — "purposefully based in Piccadilly away from the corporate London headquarters of RBS in Bishopsgate, for reasons of secrecy and culture".

The report suggests a beta launch of the new bank - which will ape the approach of challenger banks with the development of a marketplace model - is on target for Q3.

Responding to the report, RBS regurgitated the same boiler plate statement issued when news of the development first leaked in March: "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."

Comments: (2)

A Finextra member
A Finextra member 24 April, 2018, 12:531 like 1 like

So; who can see this going well??


On the plus point, if its being developed in the UK by a small team, thats good, however, if thats just the usual spiele and its actually being done by an offshore team to an unrealistic timescale with forced moves of customers to the new bank then I predict something similar to TSB or the woes that RBS/NatWest created for themselves by offshoring IT support.

Michael Harte
Michael Harte - Okapi Solutions Ltd - London 24 April, 2018, 14:01Be the first to give this comment the thumbs up 0 likes

As a previous commentator opined, "So, who can see this going well?"

My greatest concern from the article is what sounds like mandatory, non-voluntary Nat West customer migration to the 'new' bank.  That's a recipe for disaster, especially from a business perspetive, as the action is likely to encourage customers to move away from any RBS brand.

Technically, RBS will be faced with either a piecemeal or bulk customer migration neither of which will be ideal - the former due to the timescale involved and the latter due to the 'mandatory' migration implied.

But, hey ho, let's see how things go........