App based banking – Atom

19th October 2017

 

What is Atom: an app based bank?

Basically there are no branches and they don’t act like conventional banks. They use biometric security: face and voice recognition to log into their app. Everyone who joins Atom is given their own unique personalised brand. Put simply they get to name their own bank, have their own logo and can even apply their own colour palette to the app. The low cost model allows customers to reap the benefits with better rates and overall value.

 

Do they incentivise people to switch?

In a word no. The idea of Atom is to be something completely different to the rest of the banking industry. They are avoiding entering a price war with other providers. They argue that typically incentives are clawed back over time anyway, thus being paid for by the customer. Value for money and providing a great experience are the only incentives Atom offer.

 

What does this mean for the future?

 

This seems the next logical step from cloud based accountancy. It is another massive step into the new cloud world which is forming around us all. Offering banking with no branches and with all access via an application on a mobile or tablet may seem very advanced, but certainly doesn’t seem unrealistic given the rise in all variations of cloud based software. Who knows how many years it might be until all banks operate without branches. 

Disclaimer - All information in this post was correct at time of writing.
Other Blogs
Jaimie King
19th April 2024 Audit exemption limits set to rise

What could the changes to Audit exemption limits mean for you?   The government has recently announced changes to company law that will see company size thresholds increased by 50%. This is hoped to reduce complexity and additional burden for companies. These changes are intended to be in place for year ends commencing on or…

Paul Jefferson
18th April 2024 Beware of VAT refund fraud

Beware of VAT refund fraud!   We have become aware of several recent cases where taxpayers’ bank account details have been amended on the HMRC portal, without their knowledge, so that VAT repayments have been fraudulently diverted to a third party.   It seems that HMRC have been acting on the basis of a fraudulent…

Andrew Band
17th April 2024 Whitings 2024 Annual Farming Seminar

Our Whitings 2024 Annual Farming Seminar is just around the corner.   Farming always has to cope with changing environment, weather, commodity prices, political changes, etc. This year these challenges feel heightened and this is why we are pleased to welcome back speakers from the Andersons Centre to inform us of these changes and what…

Amanda Newman
17th April 2024 Buy To Let through a Limited Company

There continues to be an ongoing debate when buying a residential property to let out about whether to buy this personally or set up a limited company to own it. Unlike our sole trader v limited company comparisons for a trading business there is not a clear division based on profits. There are a lot…

Nick Edgley
11th April 2024 Do you need to re-register for Child Benefits?

If you’ve heard about the changes post 5 April 2024 and are wondering whether you need to re-register for Child Benefits, this is the blog post for you.   If you have been affected by the increase in the High Income Child Benefit Charge cap to £60,000, then you may need to restart your Child…

Peter Brown
10th April 2024 Pension Contributions for directors

Are you thinking about planning ahead for retirement and want to find out more about Pension Contributions for directors?   When it comes to planning for your retirement, Company pension contributions can offer significant benefits in terms of reducing your company’s Corporation Tax bill. Here’s how you can use both personal and company contributions to…