Digital challenger bank Atom is collaborating with Durham University and the UK government on a research project to develop a new model for retail banking.
The project begins this autumn and is part-funded by Innovate UK, under the Knowledge Transfer Partnership (KTP) programme, which connects businesses and universities to help them get complex innovative projects off the ground and embed new capability.
The award will fund a three year project for a maths graduate to work at Atom, supervised by academics, to create a statistical model which will help the bank achieve a competitive edge in its marketing and productivity.
Professor Ray Hudson, deputy vice-chancellor of Durham University comments: "We were delighted when Atom approached us for support and ideas for their business, involving maths, law, economics and the skills of our world class business school. Atom has already hosted several Durham MBA students and undergraduates as summer interns and we are excited that the relationship has moved a new level with this cutting edge Knowledge Transfer Partnership."