Helping Atom build a bank from scratch

When we first spoke to the Atom Bank management team, their business model was just a concept. We helped them figure out how a revolutionary bank could operate successfully while complying with traditional regulations.

A clear, innovative vision

Atom is a direct app based full service personal and business bank with lots of innovative technology such as biometrics. Customers access support through the app, over the phone and via social media. There are regulatory considerations that affect all of Atom’s design decisions and business as usual operations.

Spending time with the management team we got to understand the business model that makes Atom unique. Then we thought about how to build a suitable framework, capable of controlling their regulatory risks.

Balancing traditional regulation with ground-breaking technology

Of course, the regulatory regime is based on traditional banking models with rules and requirements that struggle to keep pace with technological change.

Taking what we know about the rules, we helped the team shape how the various parts of a truly 21st Century business model might work in practice – and still be compliant.

Then as the business model moved from theory to reality we were able to start fleshing out the compliance manual and their policies and procedures to guide the firm build its Enterprise Risk Framework and application preparation.

Laying the foundations for mobilisation

Atom made their application to the PRA at the end of 2014 under the ‘Authorisation with Restriction’ route. Since well before then, and with increasing effort and concentration since the start of 2015, the bank has grown to have a highly experienced and respected board of directors overseeing a committed team of over 250 individuals who are running what is genuinely a ground-breaking and innovative bank.

Beyond launch

Since their go-live date, Atom has continued to make headlines: on 9 March 2017, the bank experienced over 5,000 new customer signups in one day, a new record.

 

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