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Fintech 24 Feb 2017

Atom becomes the UK’s most recommended neo-bank

Atom Bank, the UK’s first mobile only bank is the most recommended bank in the UK, according to Finextra’s Relational Net Promoter Score (RNPS) survey of 15,000 consumers. In November 2015 BBVA bought an equity stake in Atom of almost 30%.

The simplicity of its mobile app, the opportunity to personalize the app and their account’s rate of interest were the three most highly rated by 68% of Atom’s customers and the main reasons that would drive them to recommend the institution.

Since it first launched, Atom Bank has set out to leverage cutting-edge technologies to change and evolve people’s relationships with money. Thus, Atom’s app relies on pioneering biometric facial recognition technologies to bolster security during login and is highly customizable. Also, Atom developed its application using Unity, a game-design platform, thanks to which it has been able to deliver a more compelling customer experience, and uses a machine learning algorithm to offer quicker responses through its customer service platform.

Atom Bank was recognized as one of the world’s most innovative startups by KPMG in the 2016 edition of its Fintech 100 ranking, and is the top-ranked European firm in the list.

On November 2015, BBVA purchased a 29.5% stake in Atom, as part of its digital strategy. Atom’s commercial operations launched in April 2016. Besides two savings products, Atom was the first institution in the UK to offer customers the possibility of completing the entire application and approval process for taking out mortgages from their smartphones.

How is the Relational Net Promoter Score calculated?

NPS is used to gauge the level of satisfaction of customers with a brand or company. The score is calculated based on how users answer the following question: On a 0-10 scale, how likely are you to recommend a company to a friend or relative? 0 means “highly unlikely” and 10 “I would definitely recommended.” Those who respond with a score of 0 to 6 are labeled Detractors, while those who respond with a score of 9 to 10 are called Promoters. The majority of respondents in Finextra’s survey were Promoters. The Net Promoter Score is then calculated by subtracting the percentage of customers who are Detractors from the percentage of customers who are Promoters.

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