At the 34th Retail Banker International’s Global Awards (RBI Awards 2019), Starling Bank won Best Open Banking Strategy 2019.
Starling has a fervour for embracing Open Banking. It has its own set of open APIs that are available for anyone to use through its developer portal. Its marketplace focuses on customer-centricity and strong partnerships.
With customer consent granted, partners and outside players can use Starling data to enhance their products and services. Through the app, customers can easily view all of their financial information and access services that suit their individual needs.
The number of partnerships Starling has gained through Open Banking in 2019 is impressive.
It collaborated with FreeAgent to help small business owners cut the time they spend on admin.
Small business owners across the UK often find themselves spending hours upon hours on repetitive admin.
The partnership will enable small business owners to step back from the admin and allow the FreeAgent platform to digitise their finances.
It became the first SME finance provider to go active on Starling’s in-app marketplace. It also represents Growth Street’s first marketplace integration and is the first live use of its third-party API.
Growth Street raised a further £7.5m in an investment round led by the Merian Chrysalis in January.
In addition, Starling’s 40,000 business banking customers can now access FreeAgent directly through the Marketplace feature of Starling’s app. FreeAgent is cloud-based and lets business owners keep track of their spending.
Furthermore, its partnership with the Post Office will enable the digital challenger bank to offer Everyday Banking services to both its personal and business customers.
The Post Office has more branches than all the UK’s banks and building societies combined. Furthermore, this includes around 6000 branches in rural areas. It means that 99.7% of people in the UK live within three miles of their nearest branch. In addition, almost 93% live within just a mile.
The Starling Bank partnership will enable the challenger to provide a solution to the more than 1,500 rural ‘banking deserts’.
It must be doing something right as it, Metro Bank, and ClearBank were the first round winners of the RBS £775m giveaway.