The banking industry has transformed dramatically over the last decade. Gone are the days where people walked into the branch to withdraw money, deposit cheque, cash, raise complaints, or seek information about products. Today people prefer banking online and avoid going into the branch as much as they can. This paradigm shift is the result of the revolutionary concept of digital banking.
Founded in 2014 by CEO and FounderAnne Boden,Starling Bank is a digital, mobile-only challenger bank based in the UK. Originally founded in June 2014 by the name New Bank, it received its UK banking license in 2016 and was renamed as Starling Bank. With its head office in London, its team, when in the office, has hubs in Southampton, Cardiff, and Dublin.
“I launched Starling because I wanted to offer people a fairer, smarter, and more human alternative to the banks of the past.”
Changing banking for good
Established to disrupt the financial services industry, Starling Bank offers a versatile range of digital banking services that completely out shadow the conventional banking methods. The year 2017 saw the launch of its first-ever mobile personal current account and the following year, witnessed the opening of the UK’s first-ever digital business bank account. Known for its groundbreaking B2B banking and payments services, Starling Bank is an award-winning and a fully-licensed bank.
By offering four different account types: Child, Personal, Business, Joint, USD and Euro, accompanied by a pioneering payment services system for businesses, Starling Bank is redefining the banking experience by handing its customers the digital banking tools they need. As the banking world can be highly unpredictable and can take a downturn anytime, all of Starling Bank’s accounts are protected up to £85,000 vide the Financial Services Compensation Scheme. Voted as the Best British Bank for three years consecutively, Starling Bank has been rated as Excellent on Trustpilot. With more than 1.9 million customer accounts and a 4.4% share of the UK SME market, Starling Bank is certainly the bank of people’s choice.
A trainedcomputer scientist, Anne has had an illustrious 30-year career. Having worked with some of the world’s best-known financial heavyweights such as Allied Irish Banks, Royal Bank of Scotland, and ABN AMRO, her love for banking need not be proved. It was in 2014 when Anne envisioned a bank that would be completely different from the conventional banks. She wanted to come up with something unique that would enable people to have access to any kind of banking services from the comforts of their home. “I launched Starling because I wanted to offer people a fairer, smarter, and more human alternative to the banks of the past,” says Anne. With Starling, Anne has helped people adopt new mindsets and embrace the new technological changes. “We’ve already come a long way. Our continued digital banking innovation drives Starling forward and bridges the gap between the customer, their finances, and technology,” gleams Anne. “Our vision is to improve banking for all and to build Starling into a global brand.” By giving its customers 24/7 customer service & world-class technology in the palm of their hands, Starling Bank allows them to feel supported irrespective of their location and financial needs.
"We’ve already come a long way. Our continued digital banking innovation drives Starling forward and bridges the gap between the customer, their finances, and technology."
Below are the milestones Starling Bank has achieved over the years:
June 2014: Starling becomes a Limited company and begins talks with the Prudential Regulation Authority and Financial Conduct Authority.
September 2015: Starling officially submits its banking license application.
July 2016: Starling becomes 30 strong and is authorized as a bank by the PRA (with restriction). It’s very first accounts are put into production.
December 2017: Starling officially becomes the first UK digital challenger bank to become a member of the Single Euro Payments Area payments system.
February 2018: CEO Anne Boden wins the Industry Achievement Award at the Card and Payment Awards 2018.
March 2018: Starling wins Best British Bank and Best Current Account Provider at the British Bank Awards 2018.
March 2019: Starling is named as the Best British Bank and Current Account Provider (for the second consecutive year) and Best Business Banking Provider at the Great British Bank Awards.
November 2019: Starling opens its one-millionth account.
March 2020: Starling wins big at the British Bank Awards, as it brings home the trophy for Best British Bank (for the third year in a row).
May 2020: Starling was accreddites as an approved Bounce Bank Loan provider and has helped over 40,000 businesses get the funding, they need.
November 2020: Starling confirms it has made a profit – the first UK challenger bank to do so.
Today, Anne is a member of the UK Finance board and an adviser to the Board of Trade. She was awarded an MBE for her contribution to financial technology in 2018. As a CEO, she oversees the Executive Leadership Team and is a member of Starling’s Board of Directors.
Creating the right experience
In this era of Covid-19, digital banking has become a necessity. Being a digital bank, Starling Bank has ensured that it runs smoothly with all required resources in place. By working relentlessly to ensure that its customers can do their normal business flawlessly and their money stays safe, Starling Bank has displayed some extraordinary customer service. In these times of trouble, uncertainty about your money is not at all a pleasant experience. Hence with real-time transaction notifications, 24/7 customer service, high-value payments, and easy bill payments, Starling Bank ensures that none of its customers faces any inconvenience and is aware of every activity in regards to their account.
While being optimistic about the future, Starling Bank believes in continuously bettering itself on every front. With a clear vision and great leadership, Starling Bank undoubtedly is the new face of banking.