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Starling Bank
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==== Product Line ==== Starling Bank is best known for its advanced mobile app, which provides customers with easy access to their financial information and allows them to manage their accounts seamlessly. Some key features and services offered by Starling Bank include: {| class="wikitable" |+ !Offering Features !Comment(s) |- |Current Accounts |Offers personal and business current accounts with no monthly fees. Customers can make payments, set up direct debits, and use their debit card for purchases worldwide. |- |Overdraft Facility |Eligible customers can apply for an overdraft, with clear and transparent interest rates. |- |Personal Loans |The bank provides personal loan options to its customers, making it easier for them to access credit. |- |Savings Accounts |Starling Bank offers savings accounts, helping customers save money and earn interest on their balances. |- |Spending Insights |The mobile app provides detailed insights into spending habits, categorizing transactions and helping customers understand their financial behavior. |- |Foreign Currency Accounts |Customers can hold and spend money in various foreign currencies using Starling Bank's app, making it convenient for travelers. |- |Business Accounts |In addition to personal accounts, Starling Bank provides tailored business accounts with features such as invoicing and integration with accounting software. |- |Payments and Transfers |Customers can make domestic and international payments and transfers using the app, including support for Apple Pay, Google Pay, and Samsung Pay. |} '''Marketing and Partnerships''' As an online bank, Starling engages the audience through social media platforms such as Twitter and tiktok. Advertisements are posted on TV, radio, podcasts and public transports. Starling Bank has collaborated with various fintech partners to enhance its offerings, including providing access to investment products and mortgage solutions. Partners include Weathlify, CreditLadder and Anorak.Sponsorship include hosting the Archery GB national finals<ref>https://archerygb.org/news/archery-gb-monlife-and-starling-bank-join-forces-to-host-archery-national-tour-finals-at-caldicot-castle</ref>, UEFA Women's EURO 2022<ref>https://www.starlingbank.com/news/starling-official-banking-partner-for-uefa-womens-euro-2022/</ref>, and Trillion Trees<ref>https://www.starlingbank.com/blog/our-referrals-partnership-with-trillion-trees/</ref> also further increase the company's brand awareness. '''Expansion & Innovations''' As it is the first digital-only bank in the UK, all infrastructure are virtual and therefore solutions have to be implemented for normal services to function such a comprehensive spending insight, in app bills management, a Card Lock feature as well as free Virtual Credit Cards. Other innovation include using data and machine learning for system security, fraud detection and behavioural analytics to better combat fraud. Starling Bank has identified a substantial Β£53 billion opportunity in the core banking software market by licensing its advanced technology through Engine, its banking platform SaaS business. In 2020, global spending on core banking software reached Β£53 billion, and many major players faced challenges maintaining outdated technology while competing with digital banks. With its powerful technology and proven capability, Starling Bank is uniquely positioned to capture market share through Engine. Other businesses can leverage this platform to build successful, profitable, and highly scalable digital banks, benefiting from Starling's innovative solutions and expertise.[[File:Bar chart income.png|thumb|Bar chart showing the Incomes/Expenses of Starling Bank<ref name=":0">https://www.starlingbank.com/docs/annual-reports/Starling-Bank-Annual-Report-2023.pdf</ref>]]Starling bank has delivered a 6x increase in revenue relative to last year's FY <ref name=":0" /> with a private evalutaion of $1.5 Billion <ref>https://news.sky.com/story/jupiter-to-sell-100m-starling-bank-stake-at-steep-valuation-discount-12703112</ref>. Currently, Starling Bank current holds 9.4%<ref name=":0" /> and 2.4%<ref name=":0" /> in SME and retail market share respectively. While Starling Bank initially focused on the UK market, it has expressed intentions to expand its services to other countries. In 2020, it launched a beta version of its banking app in Ireland, marking its first step towards international expansion. '''Main Income''' In 2023, Interest is the main source of income for Starling Bank, accounting for 84% of Β£414mil, with 53% of Interest Income generated from loans and advances to customers primarily for mortgage. For the Fees and Commissions Income, Customer card transaction revenue makes up for 83% of the Β£112mil. This then provides Starling with Β£74mil in Net Fees and Commissions. <ref name=":0" /> [[File:Interest pie.png|thumb|Pie chart showing different sources of interest income and their significance]] Compared to 2022, which also had a majority income in interests, there has been a significant increase in percentages of interest income from 65% in 2022<ref>https://www.starlingbank.com/docs/annual-reports/Starling-Bank-Annual-Report-2022.pdf</ref>
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