Starling Bank taunts traditional banks in 2019 plans
Starling Bank has revealed its plans for the new year with a credit card release – and taunts the old banks in the process.
Anne Boden, Starling
Anne Boden, the bank’s CEO, says: “We also have a different mindset from the big banks. We don’t charge for declined transactions because the process of declining a transaction is fully automated and the incremental costs to us for each such transaction is very small.
“It’s the same for the big banks, but they still charge. Why? Because, until now, they have got away with it. If the fat cats of banking really want to copy us, let them copy our fees and charges too.”
In her blog post, the bank also re-confirms that it would be launching Euro accounts for UK residents, as it racks up a 3,500-people waiting list. Starling staff is already beta-testing this type of account.
The bank says in 2018 it went from 50,000 customers to more than 400,000, and it aims to hit one million during 2019. Starling’s headcount also expanded from 130 to top 300 in 2019.
The bank says it will expand its lending throughout the year further, but no details on specifics.
Interestingly, the bank says it is “exploring how machine learning can be utilised to turn data into insights that will help consumers make better-informed, personalised financial decisions”. More to come further in the year.
Onto other topics, Starling reinforces its commitment to creating more with its Marketplace throughout the year, and keeping fees and interests transparent and lower than other banks.
Boden reminds us that Starling is targeting expansion in Ireland, where it will establish a subsidiary. That was reported on in June 2017. Subsequently, it will target the French and German markets.
Lastly, it assures people it is working on contingencies in case Brexit turns out for the worse.
