We have joined forces with Starling Bank to help bring you help and financial advice as part of our Business Survival Guide. In this second guest blog, Starling will run through some tips and benefits of using a digital bank compared to the traditional high street banks.
The world has evolved. The way we shop, download music and order food has changed. The last few years has seen a revolution in the way people and businesses do their banking too, with a move towards app-based bank accounts challenging the high street ‘big four’.
Starling Bank is a digital bank which has won Best British Bank three years running, in addition to Best Business Provider and Best Current Account 2019 & 2020.
In this blog, we’ll run through some of the reasons why people and business owners are making the change. Click here to learn more and open an account.
Set Up in Minutes, from Anywhere
Setting up a Business Bank account was historically a lengthy and frustrating process which could take weeks. Business owners were required to collect together a mountain of paperwork, and arrange an in-person meeting at their local bank branch to set up their account. At Starling, we recognised this needed to change.
That’s why we created an award-winning business account that’s completely free to use, and takes minutes - not weeks - to apply for. All you need is a valid form of I.D such as a passport or UK driving licence, and details of how your business operates and a document or website that backs this up, and you are good to go. Applying for an account takes just minutes and providing you pass the security checks you will be up and running after a matter of days.
Plus, because we’re an app-based bank, business owners can set up their account from their homes or office. So, say goodbye to waiting weeks to see a bank manager.
Starling was built to be the best bank in the UK - but our intention remains for our customers to spend as little time banking as possible!
All of the tasks that you may have spent hours queuing for, or on hold for, you can now do from the palm of your hand. A digital bank account fits around your schedule, and keeps the same hours you do. So you can check your balance, make payments, or do your accounting, from anywhere.
And if you do need help, our UK-based customer support team is on hand to make your life easier 24/7 - simply access them in-app or via our help line (0800 0231 617).
Seriously Secure and Protected
At Starling, we make security our highest priority, especially when it comes to transfers and payments. Our experts have built in multiple levels of security within the app, including biometric security, which means if your phone can store individual fingerprints and facial data, you can access your account this way. According to Apple, there’s a one in a million chance that another person can access your account via facial recognition, so it’s a good option for many of our customers.
In addition to this, our instant notifications keep you in the loop about what is coming in and out of your account. So, if there are any transactions which don’t look familiar, you’ll be the first to know. With our Card Controls, you’ll also be able to freeze or cancel your card instantly, if you think it may be lost or stolen.
For extra peace of mind, just like ‘the big four’ Starling is a fully-licensed bank, with customers’ eligible deposits up to £85,000 protected by the Financial Services Compensation Scheme.
Reduce your admin
To reduce your admin it’s a good idea to make technology your friend. And with a digital bank account, this has never been easier.
In the Starling Marketplace, you’ll find integrations with a range of third party products and services. This includes the likes of Xero, QuickBooks and FreeAgent, which all allow you to connect your real-time bank transactions with your accounting software.
Spending less time on your financial admin will allow you to spend more time on your business.
The Starling Marketplace has insurance options too, for example, invoice insurance from Nimbla or cybersecurity or indemnity cover from DigitalRisks or CyberSmart. For project management tools, there’s UnderPinned and to help you keep track of your digital receipts, there’s Flux.
Deposit cheques from home
Being able to deposit cheques on your mobile is handy at the best of times, but especially so right now. After a flurry of customer requests, Starling Bank recently introduced this functionality to its app to make sure their customers really can do all their banking from home. Simply take a photo of your cheque in the app, and Starling’s team will process it within two working days (which is generally faster than sending via post).
A massive thank you to Starling Bank for writing this blog post to help discuss why many businesses are turning to digital banking.
We are obviously a massive believer in doing things the opposite and we love how Starling have been shaking up the traditional approch and what it means to be a bank.
Come back next week for tips on budgeting your money and making the pennies stretch further!