The challenger bank is reorganising its banking and technology teams in a move aimed at streamlining operations, removing overlapping roles and accelerating the rollout of new products.

In a statement to staff, Starling said the changes were designed to simplify the way it operates and improve the speed at which it can develop and launch new services, Finextra reports.

The restructuring comes after the bank reported weaker financial results for its latest financial year. Revenue declined 5.6% to £887 million, while pre-tax profit slipped 3% to £217m.

Starling said maintaining the flexibility to adapt quickly, launch new products and reorganise teams remained central to its ability to compete with established high street lenders.

The announcement follows recent changes at board level, including the appointment of former HSBC executive Colin Bell as chair and the departure of two directors.