According to AltFi Starling Bank is using their deposits to fund consumer loans originated by p2p lending platform Zopa; while...
UK digital bank Starling Bank is now available to a broader set of users; still in a beta testing phase, the firm is now adding additional clients beyond just friends, family and product testers; as enhancements to the platform it recently announced its public API, which will allow for a product marketplace, and it has also partnered with TransferWise; Starling Bank will be offering its users full current account functionality with a contactless MasterCard debit card also including international payment services. Source
According to a new survey by Starling Bank UK based small businesses spend about 15 hours a week or 10...
Digital banks have been presenting themselves as a more transparent fairer option than the traditional players; what these newcomers are finding is to scale and reach profitability they will need to figure out a way to lend that doesn’t strike the same tone as customers get from their typical bank; Tandem, Monzo, Starling Bank, Revolut and N26 have all started to roll out lending options in a variety of ways by using a tailored data driven approach; figuring out where the balance lies is the key piece if these banks are truly going to disrupt the banking system. Source.
Banks call on Congress to freeze new ILC approvals How the pandemic is propelling Zelle With Robinhood’s UK launch delayed,...
AltFi reports on Starling’s progress in participating in the Bounce Back Loan program; so far they have received 18,000 applications...
Surveys by finance site Smart Money People and RFI Group both point to an important time for UK based digital banks; Starling Bank and Monzo were the top two banks in customer satisfaction according to Smart Money People; RFI Group found UK customers willing to use a digital only bank dropped from 78 percent to 54 percent in the past year; while the digital only banks please customers more they are beginning to run up against incumbent competition for a similar experience; digital only banks need to begin thinking about building long term businesses as the old guard catches up. Source.
[Editor’s note: This is a guest post from Ryan Weeks, formerly with Dow Jones and AltFi, covering fintech. This is...
The UK’s Financial Conduct Authority plans to move forward with overdraft changes in April which would allow for banks to...
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