UK banking group NatWest announced on Wednesday the launch of its digital bank, Bó. According to Natwest, Bó is a digital bank that was created to help people “do money better.” The service features a bright yellow Visa card, as well as a mobile app.
Natwest also revealed that Bó has been specifically designed to help users manage their everyday spending by allowing them to budget, set goals and track their progress. Data from 2.6 million anonymized NatWest customers was analyzed in July 2019 revealed the following:
- Half of these customers spend everything they earn
- An additional 1/4 consistently spend more than their income
- For those with an income of less than £100,000, there is no link between income and the amount of income saved
Natwest then noted that through Bó, users can use the features below:
- Separate spending money from bills: Transfer spending money to Bó so users can manage it better
- Keep tabs on spending: Get instant alerts whenever users use their card so you know what they have spent and where
- Get to know spending habits: See everything users buy listed by retailer, category, and location
- Feel on top of money: Create a Spending Budget to help users save towards their goals
- Save little by little: Set a Bó goal and start putting money in users’ Piggy Bank
- Spend like a local: Experience more abroad with great Visa exchange rates
While sharing more details about the service, Chief Executive of Bó, Mark Bailie, stated:
“In this digital, contactless age, people need support managing their money more than ever. It is all too easy to lose control. Our data suggests that three quarters of people in the UK are living financially unsustainable lives. We want to help change this. We are launching Bó to help people build the habits and routines that will allow them do money better day-by-day and week after week so they can fund their lives and lifestyles in a more sustainable way. As we’re part of NatWest, people can rely on Bó to keep their money safe. But as a digital bank, built entirely on a separate cloud-based technology, Bó is also able to harness new technology and develop rapidly in line with our customers’ needs and expectations.”
Bailie went on to add that with Bó he and his team have an opportunity to help address a “genuine societal need” and to be a positive force in our customers’ lives. He then added:
“Our aim is to transform the nation’s attitudes and behaviour around money and I’m hugely excited to see what we can achieve.”
Bó is now available in the App Store and Google Play