Atom bank, the UK’s first app-based bank, has today announced its strongest ever financial results, driven by a significant increase in lending while keeping costs exceptionally low. Operating profit grew to £27m, a 600% increase on last year, with costs up just 4%, demonstrating the success of its efficient, sustainable and scalable business model.

Atom’s low-cost and scalable model

According to new research, the average British consumer has almost £2,700 of credit card debt, and more than a third have, or contemplated taking out, a payday or short-term loan to cover rising debt costs in the last 12 months.

Despite this mounting debt, over a third (39%) of consumers are not using any tools to help manage their spending. Around one in four (26%) are still using manual software such as Microsoft Excel to track their expenses.

nCino, Inc., a pioneer in cloud banking for the global financial services industry, today made generally available its new artificial intelligence (AI) solution, Banking Advisor.

In recent years, retail banks have lost their shine. Manyhave become a storefront for financial products without deeper insight into their customers’ wants and needs, making it feel as though they’re blindly attempting to sell banking products. This approach is no longer cutting it: according to data from the Financial Conduct Authority, there was no change in the number of bank or building society accounts from 2017 to 2022. 

IDEX Biometrics has received a production order from Beautiful Card Corporation (BCC), in support of bank launches in Asia. BCC has obtained the Letter of Approval (LoA) from Mastercard for its biometric payment card built on the IDEX Pay platform, allowing the issuance and deployment of biometric cards globally.

UK Finance today releases its card spending data for March 2024, covering the monthly value and volume of transactions across debit and credit cards.

The data shows the number of contactless cards in issue in the UK topped 150 million (150,172,000) for the first time in March 2024. This means that contactless cards now make up 93 percent of the cards in issue in the UK.

GoCardless, the bank payment company, announces a new partnership with the Federation of Small Businesses (FSB) to offer its members practical tips and advice to help address late payments.                     .      . 

Abacus Group, a leading IT Managed Services Provider (“MSP”) to financial services firms globally, today announced it has acquired Tribeca Technology Group (Tribeca), a UK-based IT MSP also serving the financial services industry, to further strengthen its existing market presence and capabilities across the UK market.