Atom Bank: The "Next Generation" Digital Challenger Bank in UK

In 2014, Anthony Thomson (Thomson), founder and former chairman of Metro Bank , along with five others, founded a digital mobile bank at Durham, UK, under the name Atom Bank. Thomson observed that the number of mobile users for banking services had increased over the years in Europe (Refer to Exhibit II for a comparison of the platforms used for retail banking in Europe). Thomson also observed that the big traditional banks were facing problems like having old IT systems, legacy real estate, and branches in locations that nobody required and a steep decline in the number of people using branch banking...