Atom Bank, a digital-only lender and a challenger to how we see banks today, is now live. The company said the restriction on its regulatory authorisation has been lifted, meaning it can now start its operations.
All retail banking services will be delivered exclusively through the app, which is, at the moment, only available for iPad and iPhone users. Android versions will follow shortly, the company said in a press release.
Besides being fully digital, paperless and in-app, the entire banking process has been made as simple as possible, with just a few taps needed to, say, open a new account.
Authentication is done via facial recognition and voice biometrics, and the Customer Support Team will have the help of machine learning.
“The team has achieved something that simply hasn’t been done before – we believe we have built a bank in record time, and we’re not planning to stop here,” said Atom’s Founder and Chairman Anthony Thomson.
“It is not a simple task, and having an amazing team working hard to deliver the seemingly impossible has been crucial. We are all fully committed to continuing to innovate and deliver a transparent way of banking that turns the old world on its head.”
The company said it will unveil a full range of products during 2016, with continuous app enhancements. By the end of the year, customers can expect having access to fixed savings, current accounts, overdrafts, debit and credit cards, instant access savings and residential mortgages.