British fintech business, Starling Bank, recently announced the launch of a new digital banking Toolkit as well as a US dollar account. The new tools were launched in an effort to help British entrepreneurs with small or medium-sized businesses manage their finances as economies slowly start to reopen.
The new account allows business owners to spend directly in pounds and dollars with a single debit card, create, send and track invoices, automate expenses, record VAT, and connect with HMRC to submit VAT returns. Moreover, the account enables customers to upload bills and schedule payments to manage cash flow.
To help businesses with their post-COVID recovery, Starling Bank announced Toolkit will be free for the first three months for customers who sign up before July 31, 2020.
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What Makes This Trend Stand Out
- Digital Banking Toolkit
- Disruptive innovation opportunity: Develop a more comprehensive digital banking toolkit that includes additional features such as advanced financial analytics and budgeting tools.
- US Dollar Account
- Disruptive innovation opportunity: Create a multi-currency account that supports transactions in various currencies to cater to the needs of globally operating businesses.
- Post-covid Business Recovery
- Disruptive innovation opportunity: Build a platform that provides tailored financial solutions for businesses navigating the challenges of post-pandemic recovery.
Sectors Adopting This
- Fintech
- Disruptive innovation opportunity: Integrate artificial intelligence and machine learning algorithms in fintech platforms to offer personalized financial advice and automated expense management.
- Small Business Management
- Disruptive innovation opportunity: Develop cloud-based small business management software that combines financial management, invoicing, and payment processing to streamline operations.
- Banking and Financial Services
- Disruptive innovation opportunity: Implement blockchain technology to enhance security and efficiency in banking processes, such as cross-border transactions and identity verification.
