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
 
Jason Jones
30th July 2018 Tax Rules on Holiday Homes

So, you enjoyed your break in a holiday cottage to the extent that you’re considering investing to make money from a similar property of your own. Jason Jones has this advice because a Furnished Holiday Let is a special type of property business where very different tax rules apply.   These Lets can be seen…

Read More »

Ben Kilby
23rd July 2018 MTD for VAT – FARMPLAN READY!

As of 18 July 2018, HMRC has issued a list of software suppliers supporting Making Tax Digital for VAT. Amongst the list is Farmplan, the only agricultural software supplier. Farmplan has met the criteria HMRC have stipulated for Beta testing. It shows that Farmplan is committed to providing software that is compatible for MTD for…

Read More »

James Cater
29th June 2018 Understanding Tax Relief Restrictions

Although we hear of decline in the value of development land, particularly for larger developments, growing houses continues to be more attractive to many than growing crops. Onerous Section 102 levies may apply but the tax regime remains gentle. It should not however be assumed that tax reliefs will be available automatically. Legislation imposes qualifying…

Read More »

Vanessa Pearson
28th June 2018 Career Change? Think Contracting.

There are many benefits over employment, writes Whiting & Partners Contract Specialist, Vanessa Pearson   Changing careers can be a challenge but leaving the employment wage treadmill to become a contractor can increase your earnings, saving on tax and national insurance as well as providing more flexible working hours. Contractors are essentially self-employed individuals who…

Read More »

Daniel Coleman
28th June 2018 Making Tax Digital – Moving Your Company Forward

You, like many businesses have been successfully running for years, maintaining your books and records and submitting correct VAT returns, in turn ticking all the necessary boxes and satisfying HMRC. However, the introduction of MTD will mean a ‘shake up’ to your current methods and may require you to adopt software for the first time.…

Read More »

Philip Peters
28th June 2018 Trading Allowances Change

Do you remember when eBay first emerged and become a revolutionary trading platform for buying or selling and, yes, turning a profit? As social-media has expanded, so have trading websites to the extent that there’s hardly a town, village or group that does not have a ‘buy’n sell’ page.   HM Revenue & Customs have…

Read More »