The explosion of fintech challenger banks is promising to revolutionise the banking industry.
One of the few challenger banks to be based outside of London, Atom is from Durham, it became the UK’s first digital-only bank.
It doesn’t have branches or call centres, it is an app.
Launched in April 2016 its first products include a one-year fixed saver offering an interest rate of 2.2% and a two year savings product with a rate of 2.2%.
Really the interest lies with the technology it is using. The app is built on a gaming platform called Unity and it aims to offer voice and face biometrics for login, and they also plan to use machine learning and artificial intelligence to improve its services.
This is a truly technology driven approach to banking which aims to, “offer a genuine alternative to the insidious and self-interested banks that dominate the UK banking landscape,” said Atom CEO Mark Mullen when the launch was announced.