Banking

‘The platform has been designed to cope with working in different markets’: Inside Starling Bank’s evolution as a technology platform

  • UK digital bank Starling Bank is busy evolving into a technology business. 
  • The bank wants to keep padding its bottom line but without the tediousness that comes with a traditional international expansion. Instead, the bank is busy making a B2B pivot through its subsidiary Engine by Starling.
close

Email a Friend

‘The platform has been designed to cope with working in different markets’: Inside Starling Bank’s evolution as a technology platform

UK digital bank Starling Bank is busy evolving into a technology business. 

Started by a veteran in technology and banking Ann Boden, Starling Bank was built to give consumers a better banking experience on par with that of their favorite mobile apps. “Our current account is for people who find that every other part of their life can be delivered through their mobile phone and yet their banks aren’t keeping up,” said Boden in 2016 when the bank was still relatively new. 

Since then Starling Bank has been one of the few challenger banks in the UK that has been able to turn a profit. And it wants to keep padding its bottom line but without the tediousness that comes with a traditional international expansion. Instead, the bank is busy making a B2B pivot through its subsidiary Engine by Starling, which enables banks to use the same core banking platform that has powered Starling Bank since its inception. 

“Engine is the technology platform that was built to power Starling Bank, and this technology has been fundamental to Starling’s success. It was clear from the start that to deliver the digital-first, customer experiences that would set Starling apart and disrupt the market, we needed to build our own platform,” said Victoria Newton, Chief Product Officer, Engine by Starling.

Engine by Starling is used by Salt Bank in Romania and AMP Bank in Australia, and both geographies make sense because they are in close regulatory alignment with the UK, according to Engine by Starling’s CEO, Sam Everington. “Working and scaling into different markets poses unique challenges too, but the platform has been designed to cope with this, and we have an expert team and a growing network of partners to help our client banks on the journey,” Newton added. 

Newton also hopes that some of the experience the company and its platform gain in new markets can be brought back to the mothership and help “spark ideas that will better serve our UK bank,” she said. 

Engine by Starling has also recently partnered with GFT, a digital transformation company, which will provide design, integration, and implementation services to Engine clients. GFT’s role seems to be to remove roadblocks that FIs can face when taking on a digital transformation.


subscription wall for TS Pro

0 comments on “‘The platform has been designed to cope with working in different markets’: Inside Starling Bank’s evolution as a technology platform”

Banking, Financial Education

Banking on wheels: Fifth Third and SpringFour are taking financial wellness for a spin

  • Fifth Third has partnered with SpringFour on its Financial Empowerment Mobile (eBus), which brings banking products and financial health resources to underserved communities.
  • The partnership and relaunch of the eBus comes after a year and a half work involving a diverse range of stakeholders across the bank.
Rabab Ahsan | May 17, 2024
Banking, Lending, The Customer Effect

Unpacking the consumer impact of the Capital One and Discover deal

  • The Capital One-Discover deal may be driven by the complementary attributes of their customers, potentially leading to changes in product offerings and services to better serve consumers.
  • The combined entity could introduce a rewards based debit card as well as relaunch Discover's credit cards for SMBs. Beyond products however it is unlikely that the UX will change dramatically.
Rabab Ahsan | May 14, 2024
Banking

How banks and consumers are responding to the distant potential of Fed rate cuts

  • Earlier hopes of three rate cuts in the year are dwindling to uncertainty over whether any cuts will materialize at all.
  • The impact of sustained higher rates has already permeated banks’ NII as borrowing by businesses and consumers declined, coupled with higher funding costs for banks. Conversely, consumers are grappling not only with expensive borrowing costs but also with a significant portion experiencing loan rejections.
Sara Khairi | May 10, 2024
Banking

Fewer branches and loan products are amplifying customer turnover for CUs

  • Despite the rise in digital banking adoption, consumers are reluctant to entirely abandon traditional brick-and-mortar branches and face-to-face interactions, particularly those who primarily use CUs for their financial needs.
  • CUs may risk losing customers, though, to banks that often have more branches and ATM networks, better online and mobile app technologies, and a wider range of products.
Sara Khairi | May 03, 2024
Banking, Member Exclusive

“Collections is not something that you do to somebody. Collections only works when it’s collaborative”: Jeoffrey Begin, Head of US Collections at BMO

  • Jeoffrey Begin, Head of US Collections at BMO details how the bank has changed its focus in Collections away from a single transaction and towards the customer.
  • The customer-centric approach to Collections allows the bank to build consumers' financial health but it also requires them to be responsive to changes in their behavior due to factors such as technology.
Rabab Ahsan | May 01, 2024
More Articles