The former chief operating officer of Allied Irish Bank, Anne Boden, is set to launch Starling, a new branchless, digital-only bank that will deliver most services via mobile.
Starling will offer a single product, an online current account, and is targeted primarily at 24-35 year olds. “It will look more like Facebook than a bank – we will target people who live on their iPhones,” technology chief Tom Blomfield told CityAM.
Rather than having to pay an agency bank for access, which presents a major hindrance to challenger banks entering the market, Starling will connect directly into the financial sector payments network. In September, Boden told the Times: “This is a very ambitious plan. We are going to bring scale and a very different proposition to the market place…We are talking about millions [of customers] within five years.”
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