Information on the new feature and other plans are found in Starling’s bi-yearly update to the Banking Competition Remedies (BCR) fund, from which Starling received £100 million.
Digital touchpoints that are beautifully designed and secure to use: SME customers will be able to move effortlessly between digital channels to originate, authorise and manage transactions on the go and team banking for multi-user accounts. Starling understands that many SMEs want to manage their banking online as well as through mobile applications and to support this, it will launch its web portal in Q3 2019. Construction of this portal is underway and on track for launch in September 2019.
A web portal is a useful feature for customers, especially for business users that may want to look at transactions in bulk in an office setting, ideally on their desktop or laptop.
Also announced is work towards a full SME lending capability for Starling’s business banking customers. According to the report Starling has committed to making an additional £913 of lending to SMEs by the end of 2023.
Starling is also building a suite of lending products using automated and secure processes that deliver loans in minutes to boost SME growth and productivity. Starling commits to having made £913m of additional lending available to SMEs by the end of 2023. To date, we have made available a lending facility of more than £0.6m as part of this test environment. Starling is directly partnering with leading SME lenders to make more facilities available and is also working with selected lending providers on integration and origination of SME loans through the Starling Marketplace, while it builds up its own product base.
In Starling’s BCR bid they outlined 13 additional features they would be building out to customers in 2019, with more than 50 digital banking features planned over the next 4 years.