Anne Boden, former chief operating officer of Allied Irish Bank (AIB), is gearing up to launch a new digital-only bank in the UK next year.
The concept was launched by Boden at a British Bankers Association conference, where he said that the attributes of the new bank, dubbed Starling, would be similar to Facebook or Google rather than a conventional high street bank.
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Boden said, "Empowered, tech-savvy consumers want and deserve more from their banks, they want easy, intelligent banking, not just mobile versions of paper statements. Most customers aren’t switching because they see little difference between the big banks that all offer the same old-fashioned services.
"But now UK regulators have changed the rules to enable new entrants to compete. Finally, the technology behind all the best internet platforms can be brought to banking, allowing us to create a digital banking service that’s truly personal to each customer."
Tom Bomfield, a co-founder of fintech startup GoCardless, has been hired as the bank’s chief technology officer.
Backed by the digital marketing and advertising agency WPP, the bank is planning to apply for its banking licence by the next year, after which it plans to raise £100m in capital.
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