NatWest or Starling?

Alan Easter • March 24, 2021

Managing other peoples relativity. 

Recently, I needed a new bank account.


As a customer of NatWest since I opened my first bank account, and loyal (or lazy?) I took the route of applying online. Forms were completed and details were taken, I dutifully went through the AML and Identity check processes and in about two weeks the account was ready to use. As this was in the middle of lockdown with all the challenges that entails, I was happy with that turnaround.


I mentioned this to my Son a few weeks later, who was at a loss to understand why I would be happy with a two-week turnaround. ‘Try Starling’, he said. That afternoon I dutifully downloaded the Starling app, found myself repeating a pre-recorded message into my phone and there it was, 15 minutes later I had an account - an astronomical difference.


Two weeks versus 15 minutes made me think.


I had been happy with two weeks, as someone of a certain generation, taking two weeks to open an account was acceptable. We have spent our lives filling in forms, needing wet signatures, sticking on stamps (well maybe not for a while) and postage. More recently, for those lucky enough to have savings, we have been introduced to platforms and apps, but for most they still required the printing of a form and an envelope. My generation relates to the way things were, and are impressed with the way things have become, if a bit lagging behind the times.


The generation that follows us has a different benchmark. They are not NatWest people; they are Starling people.


Immediacy is a table stake, not a differentiator. Archaic processes like Letters of Authority that require multiple copies, wet signatures, 4-6 week turnarounds, whilst not acceptable, will probably be tolerated by NatWest’s as they have a different benchmark. The development of the Origo LOA platform will start to meet the standards of Starlings.


When we build suitability processes, or look at product placement, the ability to deliver to the consumer immediacy is a priority.


It’s a no lose imperative. We are either impressing NatWests, or meeting the expectation of Starlings. 

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