Starling, the UK's challenger bank founded by Anne Boden, continues to execute its marketplace banking vision by adding an integration with Aviva's online investment service, Wealthify.
Starling already has a partnership with the Wealthsimple digital investment service – which means that the Starling market is getting a little more competitive – with Habito Mortgage Broker, Kasko Travel Insurer and the reception and loyalty partner Flux
However, the Wealthify integration goes a step further than most current partnerships and represents the next phase of the Starling Marketplace. Unlike PensionBee, for example, who shares only high-level data with the Starling application (eg the size of your pension pot), Wealthify data sharing is bidirectional, which means you can allow Starling to share a limited set of your Starling data with Wealthify to facilitate registration in the investment department.
"When a customer clicks on" add "from Starling, new Wealthify users are invited to share Starling data with Wealthify (eg, name, date of birth, address, etc.) as well as the account number and sort code for setting up the domiciliation, if they want it), "says Megan Caywood, Chief Platform Officer of Starling. "And if they say yes then this automatically fills many of the Wealthify configuration fields."
In addition, Mr. Cayling says that Starling seeks to advance each of these partnerships to achieve this two-way integration, where Starling customers can more easily access and manage products and services on an ongoing basis.
More generally, the idea of the market bank is that your bank gives you access to a choice of applications and services related to the money of third parties. The battle between banks and fintechs is not a zero sum game. Partnerships are forged at a rapid pace, formally or simply through open APIs mandated by the Open Banking / PSD2 legislation.
Meanwhile, Starling is not the only challenger or fintech bank in the UK / Europe to endow itself with a market-banking vision, in one form or another. To varying degrees, Monzo, Revolut, Tandem, Curve and Cleo are also exploring similar ideas with the ultimate goal of becoming your financial control center.