Royal Bank of Scotland (RBS) is working on “secret plans” to create a standalone digital bank, according to a Sky News report.

RBS has assigned one of its top executives to the confidential project, the report said.

The work on the project is being led by Mark Bailie, former chief operating officer of RBS, Sky News said.

In a statement issued to Sky News, an RBS spokeswoman said: “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.”