Digital Banking

Atom Bank Deposits Exceed £110 Million Across Its Fixed Saver Accounts

Atom Bank, among the U.K.’s first banks built exclusively for mobile, provided an update on business since launching in April of this year and becoming fully operational as of October, saying in a press release the company has deposits that exceeded £110 million across its Fixed Saver accounts.

During the year, Atom launched two Fixed Saver accounts — business lending and, most recently, Digital Mortgages by Atom, a range of residential mortgage products via a panel of specialist intermediaries, Atom said in the press release.

Among the 2016 highlights, Atom said the bank became the only U.K. bank to be included in the 2016 Global KPMG Fintech 100 Top 10 and was a leader with a new biometric technology that uses face and voice recognition. “Atom are proud to lead the creation of a new way of banking, one that’s starting to fix the legacy problems that so damaged the reputation of the banking profession. We see a real desire for people to have a bank that just works, one that isn’t painful and one that offers simple and speedy value for money,” said Mark Mullen, chief executive of Atom, in the press release.

In April, Atom Bank, which launched in April 2014, got approval from regulators to launch its app-only banking business. Back then, Atom said it was first planning to roll out iOS apps for iPhone and iPad that would employ facial and voice recognition technology to authenticate users. In the next stage, the bank added, it would release an Android app. “This is the start of a remarkable transformation of the banking landscape for everyone,” Mullen said at the time. “Atom aims to offer a genuine alternative to the insidious and self-interested banks that dominate the U.K. banking landscape.”

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