15 December 2017
visit www.avoka.com

Atom opens with a promise to change UK banking landscape

06 April 2016  |  19626 views  |  5 Atom Bank

Atom Bank, the mobile-only startup that uses face and voice biometrics plus machine learning technology to service consumers, has gone live in the UK following the lifting of regulatory restrictions.

The Atom app, built on the Unity gaming platform, will initially be made available to everyone who has pre-registered their interest through the new bank's website, available now for iPhone and iPad users, with an Android version to follow shortly.

Since its creation in April 2014, Atom Bank has raised in excess of £135m in capital through the support of a group of over 100 private and institutional investors. In November, Spanish bank BBVA ploughed £45 million into the business, becoming the largest shareholder in the digital-only startup with a 29.5% stake.

Led by CEO Mark Mullen and chairman Anthony Thomson, the challenger bank was first granted a restricted licence in June 2015. With the restrictions now lifted, Atom launches with a package of fixed term savings for consumers and secured lending to SME businesses. By the end of 2016, Atom promises that customers will have access to fixed savings, current accounts, overdrafts, debit and credit cards, instant access savings and residential mortgages, all serviced via the app.

Face and voice biometrics are used to log-in to the app, with paper-free account opening in just a few taps. Atom will also be using machine learning technology to guide its Customer Support Team. The software learns which agents are getting the best results resolving customer queries and feeds that learning through to the rest of the team. Ultimately, Atom plan to integrate the technology into its banking app, giving customers the ability to query the app direct.

Atom’s CEO, Mark Mullen says: “This is the start of a remarkable transformation of the banking landscape for everyone. Atom aims to offer a genuine alternative to the insidious and self-interested banks that dominate the UK banking landscape. Our approach will be to constantly evolve and extend our offering, with monthly updates to our App and a dedication to providing a better value, greater transparency and a much more innovative banking experience."

Comments: (5)

Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 06 April, 2016, 13:34

ATOM is on it's way to create 'SIRI' for banking service it seems !!! So far growth story looks prospective.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 07 April, 2016, 08:44

Still fascinated to see the actual differences between Atom, Mondo, Tandem and Starling. Also - why do people always start with iPhone? There are way more Android phones in the world...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Robert Burch
Robert Burch - Independent Consultant - Cotswolds | 07 April, 2016, 08:52

It's very innovative to use Unity for a banking app.  It would be interesting to know how they have made it sufficiently secure.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Andrei Charniauski
Andrei Charniauski - Misys - London | 07 April, 2016, 09:25

So, as of today, Atom offers the highest interest rate on savings accounts in the UK - 2.2% AER - I would say it's a good start!

1 thumb up! 1 thumb up! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 07 April, 2016, 17:02

"insidious and self-interested banks"? Big talk from a startup 29.5% of which is owned by a traditional bank. Maybe it's only me but this kind of language reminds me of the early declarations made by Powa to disrupt commerce. Hope the Atom movie has a happier ending.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Atom Bank  to deploy 'intelligent software' to answer customer queries

Atom Bank to deploy 'intelligent software' to answer customer queries

15 March 2016  |  11372 views  |  3 comments | 31 tweets | 34 linkedin
Atom acquires IT development agency Grasp

Atom acquires IT development agency Grasp

08 March 2016  |  10291 views  |  2 comments | 23 tweets | 14 linkedin
Atom Bank to launch with face and voice biometrics

Atom Bank to launch with face and voice biometrics

16 December 2015  |  14624 views  |  0 comments | 35 tweets | 33 linkedin
BBVA buys 29.5% stake in Atom for £45 million

BBVA buys 29.5% stake in Atom for £45 million

24 November 2015  |  13941 views  |  1 comments | 34 tweets | 42 linkedin
Atom chief launches ferocious assault on 'dinosaur' banks

Atom chief launches ferocious assault on 'dinosaur' banks

13 November 2015  |  12999 views  |  10 comments | 30 tweets | 31 linkedin
Atom taps Durham University maths department to develop new banking model

Atom taps Durham University maths department to develop new banking model

02 September 2015  |  10068 views  |  0 comments | 13 tweets | 7 linkedin
Atom Bank contracts with Iress for digital mortgage platform

Atom Bank contracts with Iress for digital mortgage platform

11 August 2015  |  8615 views  |  1 comments | 9 tweets | 4 linkedin
Atom Bank signs for Intelligent Environments platform

Atom Bank signs for Intelligent Environments platform

27 July 2015  |  10479 views  |  0 comments | 15 tweets | 18 linkedin
'Digital-only' Atom to cut deal with high street lender for branch access

'Digital-only' Atom to cut deal with high street lender for branch access

22 June 2015  |  6841 views  |  0 comments | 14 tweets | 18 linkedin
Atom Bank secures £25 million funding round

Atom Bank secures £25 million funding round

04 December 2014  |  9133 views  |  0 comments | 8 tweets | 6 linkedin
Digital-only Atom Bank seeking to raise £20 million

Digital-only Atom Bank seeking to raise £20 million

30 October 2014  |  8808 views  |  0 comments | 14 tweets | 11 linkedin
Fiserv partners Anthony Thomson on tech platform for new UK banks

Fiserv partners Anthony Thomson on tech platform for new UK banks

02 July 2014  |  10555 views  |  0 comments | 15 tweets | 10 linkedin
Digital challenger Atom Bank scores investment

Digital challenger Atom Bank scores investment

01 July 2014  |  10919 views  |  0 comments | 9 tweets | 8 linkedin
Atom Bank appoints CTO

Atom Bank appoints CTO

27 May 2014  |  9584 views  |  0 comments | 7 tweets | 3 linkedin
Digital challenger Atom Bank hires chief innovation officer

Digital challenger Atom Bank hires chief innovation officer

15 April 2014  |  17221 views  |  0 comments | 4 tweets | 4 linkedin
Anatomy of a systems failure: Danske Bank turns spotlight on DB2

Anatomy of a systems failure: Danske Bank turns spotlight on DB2

03 April 2003  |  5962 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.aciworldwide.comvisit www.atos.net

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10181 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9257 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8898 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7582 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7207 views comments | 15 tweets | 24 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job