UK: Starling Bank to offer business banking accounts

Digital challenger brand Starling Bank has announced that it will launch a mobile-only business account, initially aimed at entrepreneurs, sole-traders, and Small and Medium Enterprises (SMEs).

The new account, which Starling Bank claims will take SMEs 5 minutes to open, will offer several value-add services, including linked invoicing, accounting services, real-time international payments and 24/7 customer service.

Registration for the account is currently available ahead of the launch in 2018. By the end of 2017, Starling Bank will invite applicants to join a closed group to pilot test the product’s features and usability.

When discussing the drivers behind the account launch, Anne Boden, CEO and founder of Starling Bank commented, “A huge group of people exist who need more than a personal current account but aren’t quite a small business. This is what we are hoping to solve here by developing Starling for business.”

RFi Group data shows that 14% of SMEs would most prefer to use a mobile phone to conduct online banking activities, suggesting that there is some appetite in the market for a mobile only offering, with online via a desktop/ laptop the most preferred channel overall for SMEs.

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