Starling Bank partners with Settld

The Software-as-a-Service (SaaS) product, which simplifies end-of-life admin for bereaved individuals, enables deceased customers’ next of kin to notify the bank, and any other relevant service providers, such as subscription services and mobile providers, all in one go.

Settld also helps customers transfer or amend accounts, obtaining date of death balances for probate.

The decision to partner with Settld followed a report published by the UK Commission of Bereavement in October 2022. The report said the treatment of bereaved individuals and families must improve, and that organisations across the UK should make end-of-life admin easier.

According to Settld, using its service will save customers up to ten hours spent contacting companies following a death, and weeks, months or even longer spent trying to resolve accounts.

In addition to the big picture changes to help bereaved individuals, Starling and Settld have zoomed in on the small details of having to handle a loved one’s passing, removing the need for prefixes such as Mrs, Ms or Mr when corresponding with the bank.

Dealing with bereavement

Across England, 1.1 million people died in 2020 and 2021, causing an estimated 5.6 million bereavements. This was an additional 638,000 bereavements compared to what would have been expected based on the five-year average from 2015-2019. The COVID-19 pandemic has not only exacerbated challenges around bereavement, but it has also spotlighted this universal human experience, presenting an important opportunity to consider how well-equipped we are to support people through a bereavement, and how we can work together to improve that support both now and in the future.

The Commission received 1,119 responses to its survey of adults affected by bereavement (82% from England), as well as many additional responses from children and young people. It also heard from 130 organisations, and through the organisation Votes for Schools, from 31,000 students on issues of grief education.

Overall, many people are not getting the right support at the right time, with potentially serious consequences in all areas, from health and wellbeing to education and employment and even long-term economic outcomes.

Other developments made by Starling Bank

In June 2022, Starling Bank has agreed to acquire a mortgage book worth about GBP 500 million, as the digital challenger attempts to broaden its assets beyond COVID-19 loans. To diversify, Starling has been bidding for other loan books. It acquired Fleet Mortgages in July 2021 for GBP 50 million in cash and shares. The company focuses on lending to professional landlords through financial advisers.

In July 2022, the bank has started offering its Bills Manager service to SMEs to help them streamline their finances. The feature allows small businesses to have a direct debit or standing order taken from money put into ‘Savings Spaces’ rather than from their main account. Payments automatically sync up with accounting tools Xero and FreeAgent, provided through the Starling Marketplace, as well as the bank’s bookkeeping Toolkit.

In September 2022, Starling Bank has introduced Bulk Payments, a subscription service used to help support payroll, reimburse staff expenses all at the same time. The Bulk Payments feature has been launched by Starling to process payments at scale for businesses.