Report on the Starling Bank

Starling Bank is one of the best banks to put money in it. Question starts here that what actually is starling bank? Banking is the sector that has been gradually degraded in the 21^st century. Starling bank is the one among them and it is the best known as well as new brands. This bank has received its banking license back in year 2016 and it has unveiled. Starling bank is one of those banks that use or has the different approach towards the old school banking. Here the idea is to provide out each and everything which one wants to know from the full UK bank account. This bank offers number of different features to their customers through which they are becoming much more famous as well. These features include: (BANK, 2017)

·         Freezing out a card in any stolen or lost condition.

·         Disabling and restriction to the blocked payments.

·         Setting up of the different saving related goals.

·         Notifications related to the spending in no time.

·         Spending of the money in categorized form.

·         They don’t offer any fee for the transaction.

·         Deposition for the mobile cheque.

·         Different kind of the additional connected cards.

There is not a single company or bank in this world that are facilitating the customers in a huge and positive way and in return they don’t get to have any competitor. Same like every organization, yes this bank also have a competitor and some of the top listed competitors of starling bank are:

·         Monzo Bank

·         N26

·         PayClip

·         Moven

Monzo and starling banks compete with one another on hand to hand but here Starling bank is the one that gets an upper hand due to the higher limit of the foreign ATM.

Size market for this starling bank gas raised over the time period on a large scale. This bank is now approximately with the 460k customer accounts that raises the limit of almost 75 million euros for the European. This bank is though for applying for all of the additional license of the banking in the Ireland to make sure about all of the expansions. (Mansfield-Devine, 2019)

Marketplace for the starling bank:

Marketplace for the starling bank has increased over the time period as it has start using different kind of the facilities and opportunities for the customers and to make them happy and satisfied as well. It has been described by the UK challenger bank as being the ecosystem of all the financial products that are easily available to all of its customers. Marketplace is the one that allows the customers or even different people to get connected with the variety of certain different kind of the digital as well as the finance services that includes the insurance or even the mortgage that is directly associated through their starling bank. Here this bank also shares one of the cons that is associated with the marketplace and that is this bank only offers certain kinds of the deals with the companies that may not give some of the best rates. (Boden, 2019)

In Malaysia and Qatar, bank deposits in this Starling bank have also increased from the start till now. Obviously like other banks, same is the case with this bank. It didn’t get importance in the market all of a sudden. It made its roots strong and became famous among customers only by providing out all of the best solutions or offers that attracted the large number of customers. When customers get satisfied or happy only then the deposit in the bank gets increased. Average deposit in Malaysia and Qatar are now running at over 1,000 euros each and every month in this bank by the customers.

Banking regulations for the Starling bank:

Every country has its own set of rules and regulations that are being applied or imposed on certain banks along with other organizations as well. Same is the case with starling bank, like all other banks it also have certain regulations. These regulations are very essential for the bank as it helps the customers or protects them from any kind of the finance related fraud that may make major changes in the future time period. These may include the unethical mortgages, some kind of the credit cards and last one is financial products. Effective government is the one that oversights and prevents with all such excessive risk taking by the different companies. There are different terms or regulations of the use. They only possess personal information from the customer itself but not from any other person and don’t ask for any other additional information to keep up the record or data for future time that may doubt the customers. (King, 2018)

Fair regulations around some of the overdrafts:

Change in all such regulations that is being initiated by the Financial Conduct of the Authority that is being applied to almost all of the banks along with the customers that are the part of the banks. Ban on the inclusion of the certain overdrafts in all of the available balance is being introduced to help out the customers to have a better understanding related to the status of all their accounts.

Limitations for the Starling bank:

Every bank has its own limits along with the customers as well. Limitations of the cards also depends upon the customers that what does they want and how much they want? There are different categories of the bank and their cards like basic, silver and gold and the limitation of the bank accounts depend upon it. But yes there is a limit for the starling bank as well above which customers can’t withdraw the cash. Daily transaction limit for this starling bank is 10,000 euros with the maximum of almost 50 transactions in a single day. Withdrawal limit for the ATM is 300 euros over maximum of 6 different withdrawals of ATM. Coming towards the mobile wallet, it also has its limit and for this the daily limit is 500 euros.

Things that Starling bank could offer to add for the current offerings:

Personal account of the  Starling Bank:

They have made things much easy as they don’t need to call and make a telephonic call or appointment to book out for an appointment or visit a branch for opening up a new account but all one needs to do is download an application on the mobile phone from where they can sit and relax at home and open up an account easily. In fact this is not just it, if customers have any query or problem they can ask straight away by calling out at the branch instead of waiting in the lines or visit the bank. They can also know about any query through mobile phone. (Larsson, 2019)

Age limit needs to be above 16 years to open up an account. Applicants here need to download an application on their mobile phone and then next step is to provide a valid picture that is not too much old along with the license or the passport of UK. Starling here promises that this process is one of the most simple and shortest method to open up an account by sitting at home rather than going in the branches of bank and then waiting for hours and hours just to open up an account.

One can have six withdrawals on each day by the maximum amount of withdrawal on the basis of per day of almost 300 euros that can deposit the cash at more than almost 11,500 branches of the post office nationally to the maximum of 20,000 euros individually. (Reichert, 2018)

By the help of an application it helps out to get an access to the account no matter wherever one is. All they need to do is just have an application in mobile and just by a single click different things can be sorted out easily. Starling bank helps to send out all of the real time balances along with the instant payment notifications through which track can be made easily of the different spending.

They can have an access to the spending insights by giving out the breakdown of the habits of spending so that budget can be made out in a better way and to track as well as understand that where exactly money is going.

Starling business accounts of the  Starling Bank:

This account is almost same like the business account. But here process of making this account is a bit longer as compared to the other personal account. That takes almost 5 mins to download an application and make an account just by sitting at home while the business account is the one that takes almost 10-15 minutes as it definitely requires the greater set of the information. For opening up a business account, there are many banks that asks the customers to come up and make an appointment and then further wait for hours and hours to open up the business account but here this bank treats differently to all of their customers. The new customers who needs to open up their business accounts don’t have to wait for hours in banks or their branches but they need to download an application by sitting at home and further fill all of the required sections of information and trust me this method is very feasible as well as time saving. (Tach, 2019)

Another benefit of using this bank is that one can easily switch between the personal and the business account at any moment and vice versa. This can also be done by using an application on mobile phone. So a single mobile phone is beneficial in each and every way no matter whether it is associated with opening up an account or any other thing. One can have each and everything just by a single click.

Person as well as the business accounts are the actual parts of the current account switching service and to switch an account it takes almost 7 days but not more than this. Customers must be worried about the transactions or the old payments, here they don’t even have to get worried at all no matter what.

One of the most advantageous thing here is that this is the bank that doesn’t offer any cost. This bank is free of cost and doesn’t cost any fee at all not even for the transaction or opening up a new account. So this is one of the most plus point here that makes sure that all of the customers are being treated in a better way and they also try to facilitate them as much as possible out of everything. Their team also gets ready every time to help out the customers in every possible situation without getting worried or anything. This bank is most easy and safe to be used by all the customers and there is not a single complaint that has been seen so far. Obviously small complaints are the part of the business and they do come but this bank is still the most favorite one out of all.

Opportunities for fin-tech of the  Starling Bank:

Mobile banking along with the financial inclusion. (Holmes, 2019)

Smart as well as personal management of the finance.

Affordable as well as easy accounting for any kind of the small business.

Innovative style of payment along with the processing of money transfer.

References of the  Starling Bank:

BANK, S. (2017). ANNUAL REPORT & CONSOLIDATED FINANCIAL STATEMENTS.

Boden, A. (. (2019). Power to the Customer: Disrupting Banking. Banking on Change: The Development and Future of Financial Services,. 93-99.

Holmes, C. &. (2019). The evolution of business-to-business FinTech: What the future holds. . Journal of Payments Strategy & Systems, , 217-225.

King, B. (2018). Bank 4.0: Banking everywhere, never at a bank. John Wiley & Sons.

Larsson, J. &. (2019). nnovations in Finance as Regulators Push Open Banking-Understanding innovative processes and market change in the Swedish banking market as of payment services directive 2 .

Mansfield-Devine, S. (2019). Gateway to securing the cloud. Computer Fraud & Security,. 16-19.

Reichert, C. J. (2018). CEO of Tax-Exempt Organization Hit with Excess Benefit Taxes: The Association for Honest Attorneys' Founder Used the Organization's Bank Account for Personal Expenses and Cash. 66.

Tach, L. H.-M. (2019). As good as money in the bank”: Building a personal safety net with the earned income tax credit. Social Problems, . 274-293.