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Atom Bank is UK's first bank run entirely through an app

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Atom Bank

A new UK bank will be run entirely through an app, with absolutely no physical branches.

Atom Bank is a daring new concept for UK banking – a bank with no physical presence. At least, not on the customer service side of things.

The start-up company has just won a banking license to operate in the UK, and it plans to launch later this year.

Atom Bank won't just lack branches – it won't even have a website to begin with. Even when it does, you won't be able to do your banking through it, as that's simply not as secure as an app.

Of course, there are still aspects of the banking experience that requires a physical presence, and Atom Bank will be partnering up with an unnamed high street bank to allow its customers to pay in cheques and cash.

However, you'll be able to open accounts and engage in most of the usual banking activities through the Atom Bank application. As you might imagine, the company plans to harness cutting edge biometric authentication technology that's making its way into more and more smartphones to help secure your money.

"Taking an app-based approach allows us to use all the features of your mobile device to provide a slick and highly personalised experience," CEO Mark Mullen told Business Insider. "It will offer total control and transparency with a depth that is beyond anything else on offer in the market today."

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While Mullen didn't feel compelled to tip off competitors as to Atom Bank's ambitious plans, he did reveal that it wouldn't be looking to other banks for inspiration. Rather, Atom Bank is working with tech companies that have experience in the gaming and motoring industries.

Are you ready for the gamification of the online banking experience?

Check out some of the best phones on which to conduct your banking in the video below.

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