Is Starling dead now?

penners324

Euro accounts, child accounts, connected cards, etc etc

Starling still vastly superior 

Daliah

sebtomato said:

Daliah said:

There are tons of features Starling (and Monzo) have that Chase has yet to implement, and which they may or may not want to provide.

Apart from overdrafts (missing from Chase, but apparently being worked on), I am not too sure many others features are truly missing. Chase also has some features that Starling doesn't have, like rounding or numberless physical cards. Creating an account takes about the same time (a few minutes), with the virtual Mastercard loaded right away on the phone.

What's the real competitive advantage now of Starling (and other new banks like Monzo or Revolut)?

Surely, Starling and others are  going to be bleeding customers if Chase can offer cashbacks and a market-leading saving account?

You don’t serm to know much about Starling if you think overdrafts are the only thing they have that Chase doesn’t. Off the top of my head Starling has user-defineable contactles limits, flexible statements, verified statements, cheque and cash deposits, a Euro account, a (single) card which allows payment in GBP or Euros, business accounts, business partners, joint accounts, kids accounts, CASS, COP, payment requests…….all features that Case hasn’t got. Starling also offers Banking As A Service (not directly relevant for retail customers)

Clearly, Chase have a savings account and a cashback scheme that Starling, or any other bank, doesn’t have. But to avail yourself of those, you don’t need to ditch your other accounts. 

round up is a gizmo for people who aren’t serious about saving. Not sure what benefits a numberless card gives me as I rarely  use a physical card from any bank but I like that all the card data is available through the Chase and the Starling app. 

Many banks offer more or less the same kind of core products, yet we still have many of them. The idea that one bank will wipe out some or even all of the others is just laughable.

Revolut stiil isn’t a bank in the UK, btw.

sebtomato

Daliah said:

sebtomato said:

Daliah said:

There are tons of features Starling (and Monzo) have that Chase has yet to implement, and which they may or may not want to provide.

Apart from overdrafts (missing from Chase, but apparently being worked on), I am not too sure many others features are truly missing. Chase also has some features that Starling doesn't have, like rounding or numberless physical cards. Creating an account takes about the same time (a few minutes), with the virtual Mastercard loaded right away on the phone.

What's the real competitive advantage now of Starling (and other new banks like Monzo or Revolut)?

Surely, Starling and others are  going to be bleeding customers if Chase can offer cashbacks and a market-leading saving account?

You don’t serm to know much about Starling if you think overdrafts are the only thing they have that Chase doesn’t. Off the top of my head Starling has user-defineable contactles limits, flexible statements, verified statements, cheque and cash deposits, a Euro account, a (single) card which allows payment in GBP or Euros, business accounts, business partners, joint accounts, kids accounts, CASS, COP, payment requests…….all features that Case hasn’t got. Starling also offers Banking As A Service (not directly relevant for retail customers)

Clearly, Chase have a savings account and a cashback scheme that Starling, or any other bank, doesn’t have. But to avail yourself of those, you don’t need to ditch your other accounts. 

round up is a gizmo for people who aren’t serious about saving. Not sure what benefits a numberless card gives me as I rarely  use a physical card from any bank but I like that all the card data is available through the Chase and the Starling app. 

Many banks offer more or less the same kind of core products, yet we still have many of them. The idea that one bank will wipe out some or even all of the others is just laughable.

Revolut stiil isn’t a bank in the UK, btw.

Thanks for your patronising comments. I know how Starling works, I have been a customer for several years, and I have a Euro account too. Scanning cheque is nice, I have used the functionality...once. Maybe you receive plenty of cheques.

I must admit I have never used Banking As a Service.

I know I don't need to ditch Starling to start using Chase, I can keep the accounts dormant on Starling. However, if thousands of people move their money and keep their accounts dormant with Starling, not a great business model. 

I am very good with saving, thank you. I think the rounding functionality is still useful, makes additional saving invisible, and a good surprise at the end of the 12 months when 5% is adding to it too. It's like losing coins in the sofa.

I assume people good at saving will move to Chase too, for obvious reasons.

You are missing the point however. For "standard" customer using a bank account to pay purchase on a daily basis, Starling is starting to lose its appeal if people like Chase are going after them. Chase is not going to wipe out all banks, particularly not the brick-and-mortar ones for sure, but it's going to take a big chunk of Starling customers and other "app only" banks.

There is so much Starling can do as innovation now that will make it appealing to the masses, compared to accounts paying cashback and decent saving rates.

Daliah

sebtomato said:

Thanks for your patronising comments.

Nothing patronising about listing all the Starling functions that you didn't mention when you said "Apart from overdrafts (missing from Chase, but apparently being worked on), I am not too sure many others features are truly missing".

I am still unsure why you picked on Starling as the bank who will feel the competition from Chase to the extent of disappearing. I would say there are one or two other existing, or prospective, UK banks who are at much greater risk of vanishing, though not exclusively because of the entrance of Chase. From a consumer point of view, if a UK bank disappears, this might be a bit annoying but is really of no relevance as we either get transferred to a different bank automatically, or we can move ourselves.

born_again

sebtomato said:

I have been using Starling for several years now and it has been fine as a bank.

The main appeal was no fees, real time notifications for payments made or received, a nice app, and no fees when making payments abroad (with favourable exchange rates).

With Chase now offering cashback on current accounts, innovative rounding feature and pretty good savings account, does that mean Starling is suddenly completely obsolete? I can't see any real reasons to use Starling now for my day-to-day banking compared to Chase (including when travelling abroad).

If Chase (part of JP Morgan, largest bank in the US) is really committed to get UK market shares, I can't see how Starling will compete for long...unless they come with new ideas or match Chase's rate, but can they? I wouldn't want to be in the Starling management team right now.

But just look at the other banks that do not offer what Starling do. Have they all gone?

penners324

I would say Monzo is more at risk the Starling. It's a less of a bank than Starling (functionality wise).

It's still unlikely they'll disappear soon though.

sebtomato

born_again said:

sebtomato said:

I have been using Starling for several years now and it has been fine as a bank.

The main appeal was no fees, real time notifications for payments made or received, a nice app, and no fees when making payments abroad (with favourable exchange rates).

With Chase now offering cashback on current accounts, innovative rounding feature and pretty good savings account, does that mean Starling is suddenly completely obsolete? I can't see any real reasons to use Starling now for my day-to-day banking compared to Chase (including when travelling abroad).

If Chase (part of JP Morgan, largest bank in the US) is really committed to get UK market shares, I can't see how Starling will compete for long...unless they come with new ideas or match Chase's rate, but can they? I wouldn't want to be in the Starling management team right now.

But just look at the other banks that do not offer what Starling do. Have they all gone?

No, they haven't gone but probably facing a great threat too.

sebtomato

penners324 said:

I would say Monzo is more at risk the Starling. It's a less of a bank than Starling (functionality wise).

It's still unlikely they'll disappear soon though.

I think all those new "app only" banks are going to consolidate soon. Their customers are much younger and much more likely to change ship than traditional customers of traditional brick-and-mortar banks (who are not going to use a new "unknown" bank).

From a new comer like Chase, it think Starling, Monzo and the likes are going to suffer a lot more than NatWest, Barclays, HSBC etc.

Thrugelmir

sebtomato said:

block10 said:

sebtomato said:

If Chase (part of JP Morgan, largest bank in the US) is really committed to get UK market shares

Chase is already pressure over the cost of UK investment. Wonder if the commitment will fizzle out in a couple of months/years.

"JPMorgan Chase’s chief executive Jamie Dimon is facing rare investor criticism over a multibillion-dollar plan to modernise the group’s technology and the decision to enter the UK’s highly competitive retail banking market."

If JPMorgan was about to change its strategy on entering the retail market in the UK, they wouldn't have announced a leading savings account this week.

Clearly, they are here to get market shares.

JPM are required to meet the Capital Requirements Directive issued by the BOE. Not as easy as simply rocking up and advertising banking services. 

sebtomato

Daliah said:

sebtomato said:

Thanks for your patronising comments.

I am still unsure why you picked on Starling as the bank who will feel the competition from Chase to the extent of disappearing. I would say there are one or two other existing, or prospective, UK banks who are at much greater risk of vanishing, though not exclusively because of the entrance of Chase. From a consumer point of view, if a UK bank disappears, this might be a bit annoying but is really of no relevance as we either get transferred to a different bank automatically, or we can move ourselves.

I "picked on" Starling because I am a Starling customer. I don't have accounts with Monzo or other new banks.

After opening my current account with Chase this week (followed by the savings account), I suddenly realised that I am not likely to use Starling anymore, unless they can match cashback and savings rate, which they most likely can't (they don't have the financial power of JP Morgan behind them).

Last week, I was still recommending Starling to friends for ease of opening an account, ease of use, no fees for using abroad etc. This week, I wouldn't. Things change quickly.