Starling Bank is using AI to predict your future earnings

Banks of the future will stop selling customers products they don't need and will focus on doing one product well, according to Starling Banks' Anne Boden. Speaking at WIRED Money 2016, Boden said: "Nowadays, we have the big banks with lots of products with lots of customer groups and lots of different channels trying to own the whole experience. "I don't believe a startup bank can beat big banks. You need to focus and do one thing really well; 20 times better than everyone else to give people a reason to bank with you." Starling is a challenger bank building data-driven current accounts controlled from smartphones. It was created in January 2014 and is due to launch within the next three months. In January this year, it received 70 million ( 48 million) in investment. Prior to founding Starling, Boden was CEO of Allied Irish Banks and head of Emea, global transaction banking across 34 countries for RBS and ABN AMRO. She has more than 30 years' experience in banking, having begun her career at Lloyds Bank, before moving on to Standard Chartered Bank and then UBS in Zurich. "I took a year out recently to discuss what is happening in the banking industry," added Boden. "I spent time talking to people involved in Fintech and a lot of the things I took for granted, and that I thought were a given, weren't true at all.