Managing your money can be a bit of a pain with most of us having more than one bank account, multiple Isa accounts, several workplace pensions and never mind the insurance and mortgage paperwork.
But imagine being able to manage all of it, online, through one app.
App-only bank Starling has just confirmed it’s offering exactly this by virtue of a range of partnerships with other financial apps.
Starling Bank claims to be building a banking experience for the 21st Century
Rather than build its own suite of services, Starling has pulled together other people’s, something increasing numbers of banks and financial apps are expected to do in the near future.
Customers who sign up for a Starling current account will be able to access mortgage advice online through broker Habito, pull all of their existing pension pots into one plan and manage it easily through PensionBee and buy, track and manage your investments through Wealthsimple.
Starling customers will also be able to buy travel insurance from AXA brand Kasko through their app.
Megan Caywood, of Starling Bank, said: ‘The expansion of our marketplace is a huge milestone for Starling as we continue to give our customers control of their money like never before.
‘We are building a banking experience fit for the 21st Century, where the best financial products are available securely in one place.’
What’s Starling offering?
Starling Bank is one of several new app-only challenger banks trying to give customers a slick experience online.
It launched with just a current account but has always been clear that it aimed to build what it calls its marketplace.
This essentially means that your Starling app acts as a platform giving you access to other services – a bit like Amazon giving you access to multiple sellers so you can buy anything from books to toasters to shampoo in one app on your mobile.
The Starling service also allows you to manage your cash, savings, mortgage, investment and pension all through its app, meaning you can dispense with multiple accounts.
And the bank says it expects to confirm a further 19 partnerships in 2018.
PensionBee will be available in the Starling marketplace for customers to integrate with from today, with all other partnerships coming online over the course of the next few weeks.
How does it compare?
The Starling service also allows you to manage your cash, savings, mortgage, investment and pension all through its app
This type of model is where financial services is heading thanks to a combination of technology improvements and regulation designed to improve competition between banks.
Starling isn’t the only firm with grand ambitions to allow customers the ability to view all of their money and financial accounts in one app.
The technology that sits behind these apps varies, and depending on how they pull your data in, you may just be able to see your accounts together but not change anything about them without going back into your original account with your provider or bank.
The idea behind Starling’s marketplace is that you’ll be able to top up your pension through Starling, or apply for a mortgage or buy insurance, without having to go in and out of multiple apps and security checks for each one.
And it’s as secure as doing these things in the more traditional way. There’s no greater risk that your accounts will be hacked or your data breached.
What the apps had to say
Clare Reilly, PensionBee
‘Starling Bank and PensionBee share a common vision – that everyone should be in complete control of their money. That means instant access to information about transactions, balances, and investment growth on your favourite device, 24/7.
‘Our exciting new partnership means, for the first time ever in the UK, customers can see their real-time pension balance, alongside their real-time current account balance. That’s real-time customer empowerment, and a big step towards linking the small financial decisions you make daily, to the retirement income you will have tomorrow – all in one place.’
Toby Triebel, Wealthsimple
‘We want to enable people to live their best financial lives, and joining Starling’s marketplace is about making access to transparent financial service products available to everyone.
‘To make that a reality, we’re excited to be featured alongside other companies working towards this goal, and offer our easy, low-cost investing services to Starling customers. Wealthsimple combines human advice and technology to make investing simple and accessible.’
Sergej Tolz, Kasko
‘The travel insurance product we’re offering in partnership with AXA Travel Insurance is an ideal fit for the demographic Starling is reaching and the seamless integration makes this a fantastic opportunity for us.’
Daniel Hegarty, Habito
‘Starling gives their customers ultimate clarity and control over their current accounts. We share the same vision for getting a mortgage and are excited to offer Starling customers a transparent and straightforward mortgage experience that is free of jargon, fees and misinformation.
‘Via the Starling app customers can manage their mortgage seamlessly and enjoy the hassle-free and instant service that is the new standard set by this generation of financial products.’
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