Atom bank, a smartphone based lender will now offer mobile mortgages across the UK, continuing the rapid digital transformation of retail banking
In previous decades, delivering retail banking services was about providing value and in person service. Fast-forward to today’s banking environment, and you will notice a massive shift in consumer behavior from brick and mortar branches to digital and that includes mobile mortgages.
Atom offers its services through a mobile banking application that provides a range of personal and business banking products. The application is available on iPad, and iPhone devices and users have access to support from a 24/7 customer service team.
The company’s move into the mortgage market is a bold attempt to take on the UK’s high street banking giants. Atom is part of a growing list of challenger banks trying to compete with traditional banks by providing a broad range of personal and residential lending options through a seamless digital experience.
Mark Mullen, CEO of Atom told Business Insider UK “What’s different about our customer experience is that everything is controlled via the apps that we produce. All the documentation between you, your advisor, and Atom is produced digitally and stored digitally, and all of the notifications that tell you what’s happened to your mortgage is shared via the app.”
“Buying a home can be hugely exciting, but banks are playing with people’s dreams when they make the process so difficult. We want to change this – it should be a positive experience. Old legacy processes that are institutionalized at the traditional banks simply don’t exist at Atom because we’ve built this bank from scratch. We can offer mortgages that are great value, and a service that is fast, informative and transparent. This is genuinely a revolution in mortgage lending.”
The digitization of retail banking has developed quickly over the past decade. It is now estimated that around 70% of people in the UK use mobile devices to bank at least once a week. Although the rates of digitization vary, the global transformation in retail banking is well and truly underway.