Starling about to hit 1 million accounts

IvanDP

Another success story from one of the "challenger" banks

https://twitter.com/StarlingBank/status/1193883860267945984?s=19

I know some will say this is still small beans compared to the established "Big 4", but still pretty good going in such a short time.

:beer::beer::beer:

Terry_Towelling

I wonder how many of those accounts are still 'frozen'?:)

IvanDP

Terry_Towelling wrote: »

I wonder how many of those accounts are still 'frozen'?:)

:rotfl::rotfl::rotfl:

Admittedly, these challengers are not without their faults, but they have done a lot to shake up the banking world

Thrugelmir

Starling need to sell other products to these account holders to become a real challenger. How many of the fintech challenger banks will ultimately sell out.

penners324

What other products do you want them to sell?
They already do loans, have business accounts, have Euro accounts, have links with insurance, pensions, mortgage broker, investment and loyalty companies through the Marketplace. They've also stated they are working on a credit card product.
Not to mention the white label banking services they sell to other companies (including HMRC).

IvanDP

Thrugelmir wrote: »

How many of the fintech challenger banks will ultimately sell out.

I do wonder myself about how many of the challengers will ultimately survive, although looking at their business model, I think (hope) Starling will be one of them.

penners324 wrote: »

They already do loans, have business accounts, have Euro accounts, have links with insurance, pensions, mortgage broker, investment and loyalty companies through the Marketplace. They've also stated they are working on a credit card product.
Not to mention the white label banking services they sell to other companies (including HMRC).

This is what makes me think Starling will be one of the winners among the challengers.
Traditional banking products offered in a non traditional way.

Thrugelmir

penners324 wrote: »

What other products do you want them to sell?
They already do loans, have business accounts, have Euro accounts, have links with insurance, pensions, mortgage broker, investment and loyalty companies through the Marketplace. They've also stated they are working on a credit card product.
Not to mention the white label banking services they sell to other companies (including HMRC).

To grow in size. Starling need to build a capital base. Banking is a large numbers game. As Virgin and Metro bank have found. Building scale is a long term challenge.