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Image for 'Online challenger Starling to help RBS with digital bank'

Royal Bank of Scotland has enlisted the online-only challenger Starling to assist in its secret project to build a standalone digital bank.According to the first shareholder letter from Starling chief executiveAnne Boden, due to be published tomorrow, Starling has signed “a contract to provide payme

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Image for 'Online challenger Starling to help RBS with digital bank'

5 comments

4 months ago

A few thoughts..

  • Quite strange to see Starling helping a competitor here 🤔
  • Why do RBS or NatWest need their help to access Faster Payments?
  • good to see the customer numbers figure confirmed
  • great that the avg. deposit is £900 - there’s no meaningful difference between them & the other challengers that would stop the others getting to the same point, as far as I can tell
4 months ago

Are these your "final thoughts" @AlexS ? 😂

  • I think it's exactly part of their plan to provide services - Starling are going hard to become the platform owner and that's a really, really smart strategy
  • presumably RBS's stack and connections are crap so they're buying in integration
  • cracking user numbers - putting them in good stead for strong continued growth
  • cracking average deposit - I wonder if there's any statistical significance to their lower numbers and higher av. deposits? I'd suggest (only a hunch) that they're missing the 'glam' adopters (one-time users and single-purpose users [e.g., holidays only]) and are getting more convertors, but I'd love to get some actual figures to find out more
4 months ago

Back you up there!

There's no way RBS have robust APIS available for a could native service outside of their data centres.

This will be an interesting one to watch as it was always be quicker, cheaper and easier to use more of the Starling services than develop their own. As timelines slip and budgets overrun then we may see more Starling powered features being used in order to meet milestones.

4 months ago

You would have thought Starling would clear their own mess up first.

4 months ago

what mess @PGTops?