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