Atom Bank Will Become UK’s First App-Only Bank
Atom Bank has no physical branches and currently, does not even have a website. But the company was just granted a banking license by the Bank of England and will begin operation later this year as an app-only bank.
These financial institutions have become known as “challenger” or “mobile-first” banks.
Customers will perform all their banking functions with the digital-only company via their smartphones and wearable devices. Atom Bank will offer biometric security which will include voice and facial recognition. The bank will have a customer service team that will operate by phone, email, live chat or social media.
Atom Bank was founded by Mark Mullen, former chief executive of First Direct, and Anthony Thomson, who created Metro Bank.
“We’ve built and run some of the most highly respected banks in the UK, brought ground-breaking innovation to manufacturing and service businesses, and created great software with a worldwide reach,” Mullen said in a statement on the company’s blog. “Now all of this is being poured into building Atom so that customers will have a bank in their pocket that is ready whenever and wherever they need it.”