Starling is a digital bank that operates solely on mobile devices. The company was founded in 2014 by the COO of Allied Irish Banks – Anne Boden. The innovative approach of Starling has made it an attractive investment for many as the company was able to raise a sizeable funding during its first years of operation. The main product of the company is a current account that is improved by the convenience of mobile devices. Some of the features included in the application are the infographics that analyze and present the spending habits of the user in an easily understandable manner. There is also a 24/7 customer support that will help out the users with questions. Since the services of Starling are accessible only through the mobile application, customer support, in this case, can serve the role of the consultants in the physical branches of traditional banks.
Starling has partnered up with digital wallets for additional convenience
Starling application also features real-time notifications, so that the users are always up to speed with the movement of funds to and from their accounts. The company also partnered up with some of the biggest digital wallets like Apple Pay and Google Pay. As a result, the users are able to use their cards at the point of sale without holding the physical cards in their hands. Another feature that many customers might find helpful is the ability to set goals and save money towards that goal with various tools. Using the ‘Settle Up’ feature, it is also possible to request and send payments to other users quickly and effectively.
A more recent feature offered by Starling is the joint account. “Joint accounts are great for couples or good friends who share financial commitments from time to time. Manage collective household expenses like bills and rent or save up for something big – however you feel like using it, our joint account is designed to simplify shared spending,” – advertises the company. If users already have a personal account on the Starling app, they can create joint accounts. All of the users in the joint account will be able to contribute to the account and spend from it.
Starling is a member of the Financial Services Compensation Scheme that guarantees accounts of up to 85,000 GBP. The company has also partnered up with Current Account Switch Guarantee which makes it easier, faster and safer to move one’s accounts in another bank to Starling. Using this service, users can move part of their account or the whole account. The payments directed to that account will also be moved to Starling.