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Atom Bank

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Atom bank plc.
Company typePublic limited company
IndustryPersonal Finance, Banking
Founded2014; 10 years ago (2014) in Durham, United Kingdom
FounderAnthony Thomson, Mark Mullen, Edward Twiddy, Craig Iley, David McCarthy, Paul Hanks
Number of employees
379
Websitehttps://atombank.co.uk

Atom Bank plc is based in Durham, North East England.[1] Atom Bank is the UK's first bank built for smartphone or tablet, without any branches.[2] In turn, this means that Atom are able to pass on the benefits of their low-cost model in respect of a better deal for their customers, and was the first digital only challenger bank to be granted a full UK regulatory licence.[3]

Atom Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Atom has a growing team of over 300 people drawn from across the country, working with partners to bring pioneering technology to Europe for the first time.[4]

History

Atom Bank was founded in April 2014[1] by Anthony Thomson, co-founder of Metro Bank[5] Mark Mullen, previous CEO at first direct.[6] David McCarthy, Craig Iley, Edward Twiddy and Paul Hanks. Anthony Thomson was Atom's Chairman until January 2018.[7] Bridget Rosewell, Chair of Atom's audit committee is current Chair of Atom Bank[8] and is also chairman of the Driver Vehicle Standards Agency and on the board of Network Rail, as well as a commissioner with the National Infrastructure Commission.[8]

In June 2015, Atom was granted a banking licence[9] and before launch in November 2015, BBVA agreed to invest a substantial stake in Atom.[10] The company launched to the public in April 2016, after its regulatory authorisation restrictions were lifted, initially to those who had expressed an interest previously and had been given a registration code.[11] It launched more widely in October 2016 and today it offers mortgages and Fixed Saver accounts, along with secured loans for small and medium-sized businesses.[12]

In December 2016 Atom launched residential mortgages under the Digital Mortgages by Atom brand through a panel of selected intermediaries.[13] In an unprecedented move in April 2017, Atom price-matched their 5-year fixed rate mortgages to 2-year rates for a limited period.[14]

In January 2017, Atom added two new products to their Fixed Saver range, with three-year and five-year saving accounts available.[15] In February 2017, Atom increased their savings rates to levels not seen in the fixed savings market since March 2016, attracting media attention and a good news story for UK savers.[16]

In October 2017, Atom Bank was named by LinkedIn as one of UK's top 25 startups and ranked 14th alongside companies such as Deliveroo, Uber and Airbnb.[17]

In November 2017, Atom Bank announced a four-year partnership with the Prince's Trust as their leading Science, Technology, Engineering and Mathematics (STEM) partner in the North East. The partnership will aim to equip over 500 young people STEM and digital literacy skills needed for employment today and in the future.[18]

In March 2018, Atom Bank announced they had joined Faster Payments Scheme as a direct participant and migrated all traffic across its retail deposit book to the real-time payment scheme.[19] This enables their customers to send or receive money knowing that it will be instantaneous, safe and simple.[19]

Atom launched a first-time buyer range in May 2018. Atom's first-time buyer products will offer £500 cashback to those wanting to buy their first home, along with a free valuation and no product fee. Atom also made a number of criteria changes following broker feedback to make it easier for first-time buyers to get onto the housing ladder.[20]

In July 2018, Atom Bank confirmed plans to open a business incubator at its Durham headquarters. The initiative will offer professional advice, fully serviced space and access to a community of entrepreneurs and technologists. Intogral, a spin-out from Durham University which is developing image analysis software using artificial intelligence and deep learning, is the first business to take space at what has been dubbed the Atom Incubator.[21]

Atom Bank completed pricing on its first residential mortgage-backed securitisation, Elvet Mortgages 2018-1 in October 2018. The £400m securitisation is the first RMBS rated by Moody's where the loans were originated through a mobile app-based bank. Atom says it anticipates being a regular RMBS issuer to provide funding for its loan book growth.[22]

In October 2018, Atom were named in KPMG's Fintech Global 100 list for the fourth year in a row and ranked ninth. The highest-rated business in the UK and Europe.[23]

In November 2018, Digital Mortgages by Atom Bank entered the buy-to-let portfolio mortgage market through an initial pilot with selected intermediaries.[24]

Also in November 2018, Atom partnered with London-based Fintech company, Thought Machine to implement Thought Machine's Vault platform. A multi-year deal has been agreed upon that will see Atom's new range of personal and business banking products making use of Thought Machine's Vault platform.[25]

In December 2018, Atom became the highest rated UK bank on Trustpilot with the highest trust score.[26]

In January 2019, Atom Bank joined Bacs payment system to boost its offering and enable its customers to offer direct debits for the first time.[27]

In June 2019, Atom were included in the Chronicle's 50 best places to work in the North East. The initiative is part of ncjMedia's Invest in the North East campaign, which aims to make the North East a better place in which to live and work.[28]

Atom Bank received a £10m grant as part of the Capability and Innovation Fund Pool C grants announced by the board of Banking Competition Remedies (BCR) in August 2019. The grant process is designed to facilitate the expansion of business offerings to include lending or payments services to SMEs and encourage competition in business banking. Atom Bank plans to use the funding to transform banking for small businesses and deliver an additional £3bn of business financing by March 2024. The specialist bank will deliver a digital toolkit to support SMEs, create 70 jobs in the North East and invest £15m of its own money alongside the award.[29]

In August 2019, Atom announced its largest-ever campaign, which targeted first time buyers. They teamed up with mischievous cartoonists; Modern Toss and creative agency; Frank to create a series of straight-talking adverts that take aim at the whole banking industry and shine a light on bad practice.[30]

In November 2019, Atom won Best Small Customer Service Team at the European Contact Centre & Customer Service Awards 2019.[31]

In December 2019, Atom ranked second in business analyst Beauhurst's list of 50 top fintech UK startups and scale-ups. It was the only company from outside London in the top 20 of the list and one of only four companies from outside the capital in the entire top 50.[32]

Mobile App

Atom Bank has released apps for both iOS and Android phones[12] and is one of the first banks to offer biometric security—with customers able to log-in via face ID or voice ID.[5]

At Sibos 2019 in London, Atom announced that they will be shifting their app from third-party data centres to Google Cloud in order to keep pace with digitally savvy customers and offer new services.[33]

In December 2019, Atom launched a complete redesign of their app based on customer feedback, making it more intuitive.[34]

References

  1. ^ a b Carey, Scott. "We've ranked the UK's digital challenger banks". Techworld.
  2. ^ Murray, Amelia (March 23, 2017). "5,000 join Atom Bank in just one day" – via www.telegraph.co.uk.
  3. ^ "All hail the current account revolution". The Independent. April 26, 2017.
  4. ^ "Atom bank secures £30m Tier 2 capital facility from British Business Bank Investments Ltd". British Business Bank. June 21, 2017.
  5. ^ a b Lunn, Emma (June 24, 2017). "Is your money safe with an 'app-only' bank?" – via www.telegraph.co.uk.
  6. ^ "First Direct chief Mark Mullen splits to lead new digital bank Atom". Evening Standard. April 9, 2014.
  7. ^ "Atom Bank chairman Thomson to step aside". Finextra Research. January 25, 2018.
  8. ^ a b "Atom bank founder Anthony Thomson steps down from chairman role". CityAM. January 25, 2018.
  9. ^ Williams-Grut, Oscar. "Britain just gave the green light to a bank with no branches and no website — just an app". Business Insider.
  10. ^ "Subscribe to read | Financial Times". www.ft.com. {{cite web}}: Cite uses generic title (help)
  11. ^ "Digital doors officially open at Atom Bank". CityAM. October 6, 2016.
  12. ^ a b https://techcrunch.com/2017/03/03/atom-bank-102-million
  13. ^ "Subscribe to read | Financial Times". www.ft.com. {{cite web}}: Cite uses generic title (help)
  14. ^ Connington, James (April 11, 2017). "Atom Bank offers five-year mortgages for the price of two-year loans" – via www.telegraph.co.uk.
  15. ^ Reporter, Financial. "Atom Bank expands fixed saver range". Financial Reporter.
  16. ^ http://www.financialreporter.co.uk/savings-and-investments/atom-bank-offers-new-savings-rates-of-up-to-240.htm
  17. ^ Whitfield, Graeme (November 1, 2017). "Durham's Atom Bank named by LinkedIn as one of UK's top 25 start-ups". nechronicle.
  18. ^ http://www.bqlive.co.uk/north-east-cumbria/2017/11/28/news/atom-bank-partners-with-the-princes-trust-29144
  19. ^ a b Walker, Peter. "Atom bank joins Faster Payments". FStech.
  20. ^ "Atom Bank launches first-time buyer range - FTAdviser.com".
  21. ^ Media, Insider. "Atom Bank confirms business incubator plans". Insider Media Ltd.
  22. ^ Reporter, Financial. "Atom Bank completes first mortgage-backed securitisation". Financial Reporter.
  23. ^ Ford, Coreena (October 24, 2018). "Durham's Atom Bank named in world Top 10 of financial innovators". nechronicle.
  24. ^ "Atom Bank enters buy-to-let market with portfolio landlord deals". Mortgage Solutions. November 5, 2018.
  25. ^ "Atom bank joins hands with Thought Machine for technology update". IBS Intelligence. November 28, 2018.
  26. ^ "Top Rated Bank Companies on Trustpilot". uk.trustpilot.com.
  27. ^ "Atom Bank joins Bacs". Finextra Research. January 24, 2019.
  28. ^ Manning, Jonathon (June 13, 2019). "Here are the 50 Best Places to Work in the North East for 2019". nechronicle.
  29. ^ "BCR awards £10m to Atom bank". specialistbanking.co.uk.
  30. ^ "Atom bank, the UK's first bank built exclusively for mobile, announces its largest ever campaign, which targets First Time Buyers". September 27, 2019.
  31. ^ "2019 Winners".
  32. ^ "50 Top Fintech Startups and Scaleups in the UK". Beauhurst. December 12, 2019.
  33. ^ "Atom Bank transitions to Google Cloud". Finextra Research. September 25, 2019.
  34. ^ "5 must-know facts about our new app". www.atombank.co.uk.
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