I found this http://www.bbc.co.uk/news/business-44054906 on the BBC this morning. Including the fact there is no mention of Starling it kind of felt like a sponsored advert for Metro Bank, although i will admit they raise some interest points too
More often than not, these type of articles talk about the likes of Monzo and Revolut with no mention of Starling. I really think Starling should be blowing their own trumpet a bit more!
When it comes to Metro I guess the fact they have physical branches makes a slight difference. Or maybe they’re very good at being available to be quoted for articles?
It is disappointing not to see Starling more prominently featured when talking about mobile only/digital challenger banks, though. Personally I consider Starling and Monzo to be the “leaders”, with Revolut and others in the next tier, although I’ll admit to being biased towards the ones I actually use!
I like Metro one of our business accounts is there, open 7 days a week, long hours and brilliant staff.
Revolut with a Banking Licence will be a real challenger, they already have a decent number of customers.
Tandem also missing of the list has the potential, although their banking app is horrendous at the moment.
I think that the article point about challenger banks needing to consolidate is also a bit off the mark.
Surely the biggest benefit of the open banking platform means that customers can be with multiple banks and see their account Information in one place via third party products (dare i say it? I notice that HSBC offer this In their app), so no longer need to keep all their eggs in one basket.
As someone that currently holds a very old
Metro Bank Business Account (that’s essentially free if we keep a minimum balance) I was quite disappointed recently to find that their current offering is more expensive than anyone else in the retail business banking space and the only difference from their perspective is the speed at which they can open an account. It’s taken them less than 10 years to become just like all the other legacy banks.
I think having lots of choice on the market combined with being able switch easily is essential to keep banks (and indeed any business) on their toes as well as making sure they remain focused on customer service
Overall, I think the quality of the article is poor and little more than an advert for Metro Bank with a few other names and a couple of quotes thrown in.