This week, we announced that Starling Bank became our first mobile-only banking partner! The partnership is a big step for us as it brings together the latest mobile banking technology and our vast network to help communities maintain access to vital banking services. But who are Starling Bank, and what does it mean for Post Office?
Who are Starling Bank?
Starling Bank, the leading mobile-only bank recently voted Britain’s Best Bank 2018, has become the first mobile-only bank to partner with the Post Office to offer Everyday Banking services to its customers. The partnership will allow Starling current and business account customers to deposit and withdraw cash through the Post Office’s 11,500 branches nationwide.
Starling’s customers currently manage their entire banking experience seamlessly through their mobile phone, from setting up an account to making payments and tracking spending. Today’s partnership provides the additional physical infrastructure to easily withdraw and deposit cash.
What do their customers think?
It’s safe to say that starling bank customers were thrilled with the partnership, as it finally gave them an access point for their cash deposits and withdrawals. But don’t take our word for it – here are some tweets received following the announcement.
What does it mean for us?
The impact of bank branch closures has been huge across the country, with now over 1,500 communities left with no bank on the high street. This has meant that the Post Office is often the only place on the high-street available for customers to get vital access to cash. We’ve done this through partnerships with traditional banks previously, however with Starling, we are bringing pairing cutting-edge digital banking technology with the unique reach of Post Office branches.
Martin Kearsley, Banking Services Director at the Post Office, said:
“We’re delighted to welcome Starling Bank as our latest banking partner. By bringing together this award-winning digital bank with the Post Office’s physical network, we’re able to offer Starling’s customers – both personal and business - greater flexibility, choice and access in terms of how and when they do their everyday banking. Whether it’s cash deposits and withdrawals, or balance enquiries, this new partnership is a great demonstration of how the Post Office is evolving and changing to meet the needs of our customers – not only today’s, but tomorrow’s too.”
Welcoming Starling Bank is an important stage in the development of the Banking Framework, and brings with it new customers, and new opportunity. And as you can see from the tweets above, Starling customers love the change, demonstrating a truly customer centric partnership with real commercial benefits.