Atlantis aspires to create the bank of the future
In a recently published , Vineet Jain, COO of Neo-Bank India, stated, “With the technology ecosystem evolving fast, young consumers have been looking for a platform that is more than a place where they can park their savings. Neo-Bank understands their relationship with money and will help them manage their finances hassle-free.”
Offering a current account (Smart) and savings account (Stash), Neo-Bank combines these two products with easy-to-use app-based solutions and intelligent algorithms to automate customers’ finances and transform the nature of banking.
Indeed, Atlantis’ vision for the ‘bank of the future’ dispenses with physical infrastructure and instead focuses on tech-based solutions which enable users and communities to redefine their relationship with money.
Banking for a new generation
Its customer-centric and tech-enabled approach positions the company as a champion of Millenials and Generation-Z consumers, the first to live in a truly digital world.
“As [they] have reshaped every industry in their tech-savvy, mobile-first image, banking has largely stayed the same. Our ‘lifestyle-bank’ rewrites this story, paving a journey to autonomous-finance,” said the company .
By leveraging Big Data and blockchain in combination with a unique approach to credit, wherein it is treated as an engineering problem to be solved, Atlantis’ method of operating is significantly and noticeably more innovative than the traditional banking procedures which preceded it.
However, although the company is a good example of a fintech taking a direct approach to moulding the future of banking, it is far from being the only strategy. , we explored how was helping traditional organisation transition in a similar manner:
“Nowadays banks must weave their services into customers' digital lives, and provide the financial services customers need when and where it's most convenient for them,” said Sheila Kagan, CEO of PayKey.
“We are thrilled to see that Standard Chartered is pioneering a new banking experience and are honoured to bridge the gap between Standard Chartered’s impressive portfolio of banking services and their customers' digital lives.”
CMA warns UK and Irish banks over bank transaction histories
Specifically, the CMA named prominent challenger bank Monzo, the Bank of Ireland, NatWest Group, and Virgin Money as not providing customers with records of their bank transactions within the maximum outlined timescale (40 days after closing the account).
Such information is crucial not only for ensuring a smooth transition from one bank to another, but also to provide a foundation for credit applications in the future.
According to the Retail Banking Market Investigation Order 2017, 95% of bank and building society customers should receive their bank transaction histories in at least 10 days.
Reputation: A bank’s greatest asset?
Of the 150,000 customers affected, Monzo was by far the main contributor - 143,000 (95.3%) - with the other three dividing the remaining 7,000.
The extent to which the magnitude of its mistake is attributable to being a digital-only bank is not clear, although it may give some customers pause for thought. With a superior customer experience being among the bank’s greatest assets, continued reputational damage is something that it cannot afford to sustain.
Although the CMA’s action in this instance has been to issue each bank a warning and order the immediate dispatch of all outstanding information, it has warned that future breaches will carry heavier consequences. Measures could include legally enforceable compliance audits on a yearly basis.
Helping customers get a better deal
Condemning the banks for negligence that could negatively impact customers’ desires to take out loans or mortgages, Adam Land, CMA Senior Director of Remedies Business and Financial Analysis, promised that his organisation would remain vigilant to similar behaviour moving forward.
“Banks must comply with all the rules – that includes providing a full transaction history promptly.
“We will be watching closely to make sure these leading names stick to their word and don’t let their customers down again. The Bank of Ireland, Monzo, Natwest Group, and Virgin Money should be in no doubt that the CMA stands ready to take further action if these failures are repeated.
Image source: gov.uk