Engine by Starling Bank Powers a New Global Banking Transformation
Salt Bank and AMP Bank Embrace Starling’s Engine for Digital Banking Revolution
In the ever-evolving landscape of global finance, innovation and technology have become the cornerstones of progress. In a bold stride towards the future, Starling Bank, the UK’s pioneering digital bank, has unveiled its visionary subsidiary, Engine by Starling. Launched in 2022, Engine aspires to usher in a new banking era by extending its modern banking platform to financial institutions worldwide. In a testament to its global vision, Starling Bank has recently forged partnerships with Salt Bank in Romania and AMP Bank in Australia.
Romania’s Salt Bank: Digital Pioneers in the Making
Salt Bank, previously known as Idea Bank, is poised to be Romania’s trailblazer in the digital banking realm. A subsidiary of the Banca Transilvania Financial Group, the largest bank in Southeastern Europe, Salt Bank is set to revolutionise banking experiences for Romanian customers. Engine’s proprietary, cloud-based banking platform will be the driving force behind this transformation.
With the power of Engine’s Software-as-a-Service (SaaS) capabilities, Salt Bank aims to offer a wide array of digital banking services. These services include seamless digital onboarding of customers, efficient account management, and an array of savings products. Engine empowers Salt Bank to process payments, handle card transactions, and expand its portfolio of unsecured lending products. Moreover, it provides a robust operational portal to manage critical functions, including customer services, financial crime prevention, payment operations, card operations, loan servicing, and collections.
Gabriela Nistor, CEO of Salt Bank, expressed the bank’s ambitious goals of disrupting the Romanian banking market with simple and seamless digital experiences. Impressed by Engine’s remarkable success in powering Starling Bank in the UK, which boasts 3.6 million customer accounts and a reputation for exceptional customer service, Salt Bank eagerly embraces this partnership. Together, they aim to recreate the stellar user experiences that Starling Bank has pioneered in the UK.
Australia’s AMP Bank: A Digital Banking Renaissance
In Australia, AMP Bank is set to embark on a digital banking renaissance, thanks to its partnership with Engine by Starling. The Sydney-based bank plans to launch a new digital banking division for small businesses and sole traders. Scheduled for Q1 2025, this app-based offering will encompass transaction and savings accounts, catering to an underserved and growing market segment.
To bring this vision to life, AMP Bank is actively seeking a $60 million investment, with $40 million allocated for capitalisation. Alexis George, AMP’s chief executive, emphasises the importance of this venture, stating that it will reshape the bank’s portfolio in the medium term to address industry challenges regarding funding better. AMP Bank is committed to leveraging Engine’s innovative technology platform and expertise to serve better Australia’s growing number of small businesses and individuals in their banking needs.
Engine by Starling: A Catalyst for Global Transformation
Engine by Starling’s mission transcends borders, bridging geographical gaps to redefine the banking experience for millions worldwide. Sam Everington, CEO of Engine by Starling, underscores their dedication to disrupting the financial services landscape on a global scale. Engine, built entirely in-house by Starling Bank, is primed to empower financial institutions worldwide, a testament to Starling’s ambition to revolutionise the UK’s banking sector.
The partnerships with Salt Bank and AMP Bank mark significant milestones on this transformative journey. These institutions, one in Romania and the other in Australia share in the vision of creating banking experiences that are not just innovative but also user-centric. The success of Engine by Starling in the UK serves as a beacon of hope and inspiration, propelling these visionary banks forward.
As we witness this banking revolution, it is evident that the future of finance is being shaped by Engine by Starling, where technology and innovation converge to craft a better banking world for all.
