Starling Bank has today (14 July) received its UK banking licence with restrictions from the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA).
The firm was founded in 2014 by Anne Boden, former COO of Allied Irish Banks, who wanted to inject the same digital disruption we’ve seen in other industries to the way we manage money.
After a year spent travelling the world and seeing the latest developments in technology, Boden realised that the real-time customer experiences we are accustomed to in life were missing when it came to banking.
However, working within the systems of traditional banking, it was all but impossible to bring the same transformation to how people manage their money. The answer was to start again, and build a bank from the ground up. Anne resigned from her full-time banking job, and started making Starling a reality in 2014.
Whereas traditionally, customers have spread their finances over different accounts, loans and cards, Starling Bank uses data-led insights to give customers a clear picture of their entire financial situation, with the convenience of doing everything from one account.
The bank will also give customers insights about their spending habits, allowing a new level of control over spending and saving, as well as benefiting from the latest security features, card control technology and real-time notifications.
“We are delighted to have the confidence and support of the regulator, to move forward and introduce a new style of banking,” said Boden. “For the past year, our team has been focused on building our product and technology from the ground up.
“By 2020, the number of UK mobile banking users will double from 17.8 million to 32.6 million and our aim is to empower these people to better manage their finances with an incredible app, purpose-built for those who happily manage their lives on their phone.”
Starling Bank has also unveiled its new brand identity, launched its new website and announced that it will join Faster Payments, the UK’s 247 real-time payment service, later in the year.
If you’ve enjoyed this article, click on the link below to sign up for more similar stories in your region.