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“Smartphones are the new local branch”

07 April 2016

Gocompare.com comments as Atom Bank launches app-only savings account for iPhones

Commenting on Atom Bank’s app-only account launch, Gocompare.com Money spokesperson, Matt Sanders said;

“Atom Bank has caused a stir in the banking industry since it was granted the first ever UK digital-only banking licence back last year. As such, today’s launch of an app-only savings account, with a strong savings rate will no doubt have piqued the interest of other providers.

“With Britain’s banking habits becoming increasingly digital, smartphones are fast becoming the new local branch for many consumers and the 2% offered for Atom Bank’s one year fixed savings account could be competitive enough to persuade those still on the fence about controlling their finances from their phones to take the plunge. That said, it’s worth remembering that some current accounts offer up to 5% interest on balances.

“If the Atom Bank app account is successful, there’s every chance we could soon see other banks follow suit with mobile only offerings. With innovations such as app-only accounts and the midata current account comparison service which uses consumer’s online banking statements to work out the right current account for them in seconds; it’s hard to argue anything other than the future of banking looking increasingly digital. However, it remains to be seen where this digital revolution leaves the humble bank branch.”

Gocompare.com has created a guide on digital banking.

For more information on the UK’s only current account comparison service to utilise midata technology, see Gocompare.com's guide to midata

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