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. 



 
Other items in Blogs
 
Jaimie King
19th November 2018 Charities small trading tax exemption to increase

During the Autumn Budget on 29th October 2019, it was announced that the small trading tax exemption limits for Charities is set to increase.   The exemptions apply to Charities who trade outside of their primary purpose. A Charity will not pay tax on trading profits that are a part of the Charity’s primary purpose…

Read More »

Victor Courdelle
19th November 2018 Xero Rapidly Becoming THE Small Business Platform

At Xerocon 2018, held Wednesday and Thursday last week, we heard how the number of Xero Subscribers has now reached over 1.6 Million Worldwide.   Xero’s focus on becoming THE Small Business Platform is greater than ever, with recent market research confirming how users of Xero really do save time, in some cases as much…

Read More »

Ian Piper
19th November 2018 Draft Brexit Agreement: What’s all the fuss about?

So now that we can finally see what Brexit might mean in reality, with the publication of the Draft Brexit Agreement, everyone is still unhappy. After much talk about what we wanted, which was leaving the EU club, whilst cherry-picking retention of access to the Single Market and a borderless border in Ireland, it has…

Read More »

Scott Butcher
16th November 2018 Don’t dwell on your ATED obligations

With only just under 6 months until the 2019/2020 ATED return filing deadline of 30th April 2019. It may be an appropriate time to consider whether your limited company may be obliged to submit an ATED return. The annual tax on enveloped dwellings (ATED) applies to companies which own an interest in a residential property…

Read More »

Matilda Mawson
16th November 2018 New Year, New….. Tax Return

  There are only 76 days until the self-assessment tax return deadline of 31 January 2019. If your return is not filed by this date an automatic £100 penalty will be applied. With the festive season on the horizon it’s easy to push the tax return deadline to the back of your mind, however don’t…

Read More »

Richard Alecock
16th November 2018 Top 5 tips for start-up businesses

Businesses are born in many ways but there are some common considerations for all start-ups. Legal form Consideration needs to be given as to the how you wish to set up and structure your business. If you are going it alone perhaps a sole trader could be the best route or, if there is more…

Read More »