For this week’s episode we’re off to Durham in the north of England to talk to Mark Mullen, CEO of new digital-only ‘upstart’ Atom bank.

Mark was previously CEO of First Direct, so he’s had extensive experience in the banking system – now he’s trying to change it.

You might have heard my chats with a few of London’s new startup banks and FinTech ventures before – but Atom’s a different story. For one, they’re not based in London, which makes a nice change. But it’s Atom’s proposition that’s truly different. Rather than try and dazzle people, Atom is using its technology advantage to provide a cheaper, more efficient banking service.

Watch the video here or skip to the bottom for audio:

We talked about:

• How Atom started, and why it started in Durham;
• The advantages of existing outside the London bubble;
• Finding the right talent, especially in engineering;
• Regulation’s effect on innovation in banking (both for and against);
• Educating the regulators;
• How Open Banking will affect the industry and its customers;
• The universal banking model, and the problem with a ‘one-stop shop’;
• Atom’s target market (which might surprise you);
• Mark’s philosophy on developing Atom and its products;
• How Atom plans to acquire customers and battle inertia;
• The importance of a human face or ‘beating heart’;
• How vital trust is for a new bank;
• And Atom’s most high-profile employee – strategic advisor Will.i.am.

People Tell Richard Stuff: Episode 47
Mark Mullen, CEO, Atom bank

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Mark Mullen, CEO, Atom bank