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Starling Bank SWOT & PESTLE Analysis

ID : 52558653| Jun 2019| 15 pages


Business Sector :Banking and Financial Services

Operating Geography :United Kingdom, Europe

About Starling Bank :

Starling Bank is an innovative take on old school banking, providing banking and financial services to customers without the hassle of branches and tellers. The company is a digital, mobile-only challenger bank operating from the United Kingdom. Its headquarters are situated in London. The bank operates through apps available both on the android as well as IOS platforms. The company is in its infancy, founded in 2014 by Anne Boden, once the Chief Operating Officer of the Allied Irish Banks. The bank has been registered under the Prudential Regulation Authority and the Financial Conduct Authority and received approval in 2016. Apart from services like current accounts and business banking, the company offers all the amenities of a regular bank like a MasterCard contactless debit card, money management tools, and 24/7 support. It also offers connections to various digital wallets like Apple Pay, Google Pay, Samsung Pay and Fitbit Pay. In 2018, the bank launched personal Euro Accounts and also formed a partnership with the Post Office. The company’s success is reflected through the 500,000 personal current accounts and 30,000 small business accounts that it controls. As per 2019 records, the company has 278 employees located at their single office. There are plans underway to open a second office in Southampton and employ a further 150 people to oversee work processes.
Starling Bank’s Vision is “building the best possible customer experience.” Its Mission is to revolutionize banking and “to build a bank that would help you manage your money, all from one app.” Starling Bank’s USP or unique selling point lies in being the challenger bank which is 100% mobile offering digital innovative banking and financial services.

Starling Bank Revenue :

£32 k – year ending 30th Nov 2017

Competitive Analysis of Starling Bank

The SWOT analysis for Starling Bank is presented below:
1. Innovative banking with first mover advantage
2. Clinched several awards and accolades
3. Accelerated growth momentum
4. Backed by plump investor funding
5. Outstanding features and offerings
6. Offers the largest marketplace by a financial institution in entire Europe
1. Limited services and no physical presence
2. Advocating profligacy
1. Expanding business banking division
2. Growing customer base of SME businesses and individual current account
3. Huge opportunity in the mobile banking sphere
4. Offering Banking-as-a-Service
1. Increasing competition from Big 5 Banks
2. Customer inertia
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Detailed SWOT Analysis of Starling Bank



1. Innovative banking with first mover advantage: Starling - the best British Bank 2019 is 100% mobile with no branches, no fees and most importantly no paperwork, the account is up and running within 20 minutes. This digital, mobile-only challenger bank based in the UK, employs modernized technology and advanced processing to bring banking into the present to complement today’s fast paced lifestyle and respect customer’s changing needs. Starling’s goal is to help customer’s make the right decisions for both their current expenditure and future saving. Besides the account holders are provided a contact-less bank card delivered within a week. Also, with the Starling banking app customers get instant notifications when they spend or receive payments as part of real time banking alongside insights that illuminate spending patterns, no fees overseas, 24x7 customer support and an application that only takes minutes. Starling offers everything under one roof – customers can connect to smart financial products and design their own in-app money hub with Starling’s ever-growing financial Marketplace.

2. Clinched several awards and accolades: Starling has won several awards in the past 2 years. It won “Best British Bank” and Best Current Account 2019 at Smart Money People’s 2018 British Bank Awards and was voted as the “Best Business Banking Provider 2019”. Starling also clinched the Best Use of Mobile at the FSTech Awards and adorned the Hottest Fintech startup jewel at The Europas awards. In 2018, Starling also bagged the award for B2B Payments Innovation of the Year at the Payment Awards.

3. Accelerated growth momentum: Starling’s growth pace has been phenomenal: Starling has gained more than 30,000 SME business-account sign-ups, adding to around 500,000 consumer current accounts in a little less than a year’s timeframe which is quite commendable. In November 2017at the heels of the financial year, Starling housed 43,000 personal current accounts. Nine months later, they have opened over 210,000 current accounts – hiking the market capture by almost five times. This momentous growth is marked by the high engagement of their customers, with 60% of them using their account every month. With an average amount of around £900 in each of these accounts, Starling is ahead of its peers. The slice of these customers cutting monthly direct debits has more than doubled year-on-year. Similarly, the proportion of Faster Payments made by these customers has almost tripled over the same time window. Since November, Starling processed over £1 billion customer transactions and monthly transaction volumes cross the £200 million a month mark. Deposits have increased exponentially and currently stand at more than £100 million.

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Check Out Analysis of Other Relevant Companies

References used in Starling Bank Analysis Report
1. Starling Bank Review May 2019 | App Card Fees and Charges –

2. Better banking with our mobile bank accounts -

3. Starling names new clients for banking-as-a-service offering -

4. Starling Bank to open second UK office, creating up to 150 tech and support jobs in Southampton -

5. Starling Bank launches euro accounts - Starling Bank -

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In-text: (SWOT &, 2020)

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Starling Bank SWOT and PESTLE analysis has been conducted by and reviewed by senior analysts from Barakaat Consulting.

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Starling Bank SWOT & PESTLE Analysis
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