See what’s on at The Drum
Agencies for Growth Festival Banner

Metro Bank co-founder to launch UK’s first digital-only bank 'Atom'

Metro Bank co-founder Anthony Thomson is reportedly planning to launch a digital-only bank, which he claims will be a UK first.

According to reports the bank would have no bank branches nor telephone banking services available for customers, but would be managed entirely via the internet and mobile apps.

Customers would be issued with a free helpline number in case of any technical difficulties and would not be able to move money or perform regular banking activities via the telephone.

The new bank will be called Atom and will launch next year.

In a statement to The Telegraph Thomson referenced recent research from The British Bankers’ Association which revealed that almost 40 million transactions were made each week via internet and mobile in 2013, while branch usage was in “seismic decline”.

Thomson will lead the new venture alongside Mark Mullen, chief executive of First Direct, the online bank run by HSBC.

Meanwhile over the pond two university professors are campaigning to introduce courses specifically catered to educating students on cryptocurrencies such as Bitcoin, according to the Wall Street Journal.

The university professors are from New York University’s Law School and Stern School of Business and have compiled an early outline to pitch their bosses on “The Law and Business of Bitcoin and Other Cryptocurrencies,” with classes dedicated to topics including money laundering via bitcoin, measuring the currency’s trading activities and whether it’s even a real currency.

By continuing to use The Drum, I accept the use of cookies as per The Drum's privacy policy