Royal Bank of Scotland is mulling launching a standalone digital bank and has assigned a former top executive to the project, according to reports.
Sky News says RBS’s former chief operating officer Mark Bailie is leading the “secret” project and that tens of millions of pounds have been assigned to creating the digital platform.
The standalone digital offering would allow the state-backed bank to compete with start-up banks, such as Monzo and Starling.
The news follows RBS shareholders winning a two-year battle to vote on plans to give investors more say over the running of the bank.
Sky News says the plans may not result in a “viable lender” coming to market and that the project is in such early stages that many executives at the bank do not even know about it.
An RBS spokeswoman told Sky News it is focussed on using “automation and technology” to give customers a more efficient banking experience.