Now, we have been granted the additional permissions which will enable us to give customers direct access to a wide range of financial products, including ISAs, insurances, loans, mortgages, and other investment products, all from within the Starling app. Rather than offering these products ourselves, we’ll be connecting customers with other awesome fintech companies from across the market who offer these products and services.
Our mission is to create a marketplace of best-in-class products, so that we can focus on creating the world’s best current account, while also giving Starling customers choice and transparency among their options for other financial products, to help them easily access these other providers by securely connecting them via API, and to view and manage their status with these providers from within Starling, so that Starling is the gateway to your whole financial life. You’ll no longer need to use 5 different apps to check your account balance, check your ISA and add funds to it, check the status of your mortgage or take out travel insurance – you’ll be able to do all of that from within the Starling app.
As we get to scale and integrate in a large number of providers per category, we’ll build on this marketplace model to additionally offer robo-advice, intelligently using customer’s Starling bank data to help them make sense of their options and find the best product for them.
These permissions are key for us to be able to launch the Marketplace, and are a huge differentiator for us. There are others in the market who have similar permissions, such as price comparison sites, but because we are a bank with APIs we have additional abilities to help connect customers with these products by sharing across customer data (with customer authorisation, of course) to help users connect and access these additional products from within the Starling Bank app. No more duplicate form filling, with your consent we can securely share your data from Starling across to help set up these additional products, and make it so you can access additional products with just a few taps. For example, imagine being able to move money from your Starling Savings Goals into an ISA with just a tap of a button, or being able to get travel insurance in a tap via the Starling Marketplace as you wait to board a plane.