It's no secret that Millennials are struggling to save for long-term goals like retirement, but Starling bank is hoping to change this through offering a mobile-only banking system that works collaboratively with other banks and financial services, instead of competing against them.
The app's eventual goal is to partner with over 25 different services, effectively offering a "marketplace banking vision." The app intends to serve as a resource that's better suited for the needs of modern individuals, and will stand as an all-in-one marketplace that hosts a variety of third-party services.
The Starling banking app hopes to set an example of what the future of banking could look like if different financial services worked collaboratively, instead of competitively.
Collaborative Long-Term Savings Apps
Starling Bank is Creating a Mobile-Only Banking Marketplace
Trend Themes
1. Collaborative Banking - Creating a mobile-only banking system that works collaboratively with other banks and financial services, instead of competing against them.
2. Marketplace Banking - Offering a marketplace banking vision by partnering with different services and hosting a variety of third-party services in one app.
3. Future of Banking - Setting an example of what the future of banking could look like if different financial services worked collaboratively, instead of competitively.
Industry Implications
1. Financial Services - Opportunity for financial services to collaborate and integrate with mobile banking apps, providing more comprehensive and convenient solutions for customers.
2. Mobile Banking - Creating a mobile-only banking system that offers a marketplace of services opens up opportunities for innovation and improved user experiences in the mobile banking industry.
3. Fintech - Fintech companies can explore partnerships and collaborations with banks and financial institutions to create marketplace banking solutions and reshape the future of banking.