RBS to Move One Million NatWest Customers to New Mobile Bank


Royal Bank of Scotland will launch a new mobile bank and plans on moving one million of its NatWest customers to there, according to Forbes.

NatWest Bank is a fully-owned subsidiary of RBS. NatWest, formally called National Westminster Bank, currently has about 7.5 million retail customers. How RBS will determine which customers get moved to this mobile bank is unclear.

According to Forbes, a beta of the RBS mobile bank is on target for Q3. It is not known whether this trial will be open to the public or kept internal.

This move by RBS is an attempt to fight competition by major challenger banks like Starling and Monzo in Europe.

RBS is one of the largest banks in the U.K., and currently has $1 trillion in assets.

Read more at Forbes and Finextra.