Bó’s future put in question as banker behind the banking app quits RBS

The guy who spearheaded the launch of the Royal Bank of Scotland’s (RBS) banking app Bó is leaving the business as part of a rumoured reshuffle of the lender’s management.

Mark Bailie is the chief executive of Bó, RBS’ answer to the services provided by challenger banks like Monzo, Revolut and Starling Bank.

Now, sources have told Sky News that he is set to leave RBS amidst a shake-up of the company, putting the future of the fledging app into question after two months of setbacks for the startup.

Bailie had previously been seen as a rival for the RBS CEO role which eventually went to Alison Rose. Sky News’ sources suggested that his departure will not be the only one as Rose is potentially gearing up for a major reshuffle of RBS’ senior management.

Bó was launched in November after RBS pulled out of a deal that would have seen it acquire Monzo. The online banking app did, however, not get off to a great start.

Just days after the launch, it was revealed that 30% of the new account applications on the app were fraudulent, The Times reported at the time.

Then, a few weeks later, some observant users noted that many of the five-star reviews the app had received were posted before the launch, suggesting that it might be RBS’ own team who posted them.

RBS then kicked off 2020 by enlisting the help of influencers to drum up a buzz about the app. Although, as FinTech Global reported, the influencers’ followers seemed more interested in their physical appearance than about how Bó helped them save money.

Copyright © 2020 FinTech Global

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