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Digital-Only Atom Banks Open to Public

Digital-only challenger bank, Atom, has opened its doors to the public following the completion of its initial invite-only launch.

The bank received its license in 2015, and currently offers savings accounts and small-to-medium-sized enterprises (SMEs) lending with a current account planned. 

It delivers its products and services through an app for mobile devices and desktop computers and is one of a group of startups in the UK known as challenger banks.

The bank was founded by Anthony Thompson who set up Metro Bank in 2009 – which was the first new banking organisation to open in the UK since the end of the 19th century.

In April this year Atom launched its banking app after regulators lifted a restriction on its authorisation.

It is now possible for anyone in the UK to download the Atom app, which is available on iOS and Android.The app uses face and voice biometrics, as well as machine learning, to improve customer services.

Atom’s CEO, Mark Mullen, said: "We are creating a new way to bank; a system that is based on what the customer needs and wants, rather than being focused on bank balance sheets.

“We’ve been steadily growing our business to date and this is an exciting new phase where we can offer our fixed saver rates to anyone who wants them.” He added that a current account is on its way.

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