Atom Approved as UKâ€™s First Digital Lender
Published By : 25 Jun 2015 | Published By : QYRESEARCH
The Bank of England has finally showed a green light to the Atom Bank to commence its operations as a digital only lender. There are reports that Atom Bank is gearing up to tie up with Apple Pay so as to attract customers who flock to the mobile banking.
The bank has no branches and it was founded by Anthony Thomson, who is also the creator of the Metro Bank. The former Chief Executive officer of First Direct Mark Mullen is the co-founder of the bank. Atom Bank will offer banking services through internet, mobile, and wearable devices after it launches its operations in this year.
Atom is the only challenger bank who received licence approval from the financial regulator in England. The approval to Atom Bank to commence its online wing is viewed as a conscious decision taken by the government to boost competition in the retail banking sector.
While the country has witnessed online brands such as Cahoot, Smile, and Egg launch their services in the past, the regulator said that Atom is the first bank focused to offer banking through mobile app that has received licence.
According to the recent statistics released by the British Bankers’ Association, mobile has gradually surpassed the branches, and internet has emerged as the most popular way of carrying accessing banks and carrying out operations.
Speaking about the benefits the new app will offer Mr. Mullen said that Atom will enable customers to have their bank in the pocket and access their accounts online through the app whenever they need and from anywhere. According to reports, Atom will adopt the Apple Pay. Apple Pay will give Atom access to the contactless payment system, which will be launched in UK in the next month.