If You Build It, They Will Come – Cloud Banking With Starling Bank

  • Lisa Hon
  • AUTHOR: Lisa Hon
  • Posted: 29/09/2017
If You Build It, They Will Come – Cloud Banking With Starling Bank

Just as Kevin Costner said in A Field of Dreams, so they came.   An enthusiastic crowd stole the show at our most recent CTO’s in London Meetup with Starling Bank at their offices in the heart of The City.

As we know traditional banks are closed entities which essentially control data along with the relationship with their customer.

Disrupting this model, Starling Bank has aimed to create the world’s best current account. Just as Costner’s character battled taunts of lunacy, Lead Developer Sam Everington said, “Becoming a licensed bank is not for the faint of heart”, and as a small business they aim to do different. 

They want to do one thing and to do it really well. 

By giving their customers a chance to access the best in the market in an easy way, Starling Bank has prepared themselves for openness, in more ways than one.

 

Open Banking?

Open Banking is challenging the traditional model in a few ways.

  1. The use of Open APIs which run applications and services around the financial institution.
  2. Account holders have better and more transparent financial data options.
  3. Open source technology is used the achieve the above.

Three years ago, the Competition and Markets Authority reviewed retail banking for competitiveness and one thing to come out of their 2014, 766-page document was for the UK banks to provide standardized API’s – for product comparisons.

 

Open Horizons?

The sky is the limit, quite literally.  Starting with account balances, transaction histories and constructing immediate payments – which will be available early next year, Open Banking is only for the UK market. 

The UK has taken a detailed approach to API’s; and once through the compliance and legal work Starling Bank, specifically, will be implementing opportunities to customers within a short six months.

Marketplace data will flow both ways. 

  • Real time offers based on time, day and location.
  • Loyalties, discounts and rewards based on card transactions – good-bye stamp cards.
  • Returning something? Send cash straight back into your bank account. 

With a simple click you will see all your information and be able to send money as and when you need.

 

 

Openness at Starling Bank?

Openness - something which Starling view as a strength.  They are a regulated bank, heavily audited and one that regularly double check their customers along with their data security. 

They love open banking and want it to go further.  Technology is changing how we live our financial lives and it is yet to know what sorts of interesting things they will achieve by being open. 

No longer a dream; they have a bank, they have a platform and they have products.  They’ve built it and invite you into the clouds.

 

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