LONGREAD: Will mobile banking be an Atom bomb or damp squib?

The launch of Atom Bank in the United Kingdom in 2016 as a new mobile bank regulated by the Bank of England (BoE) heralded the onslaught of a variety of mobile-only banks in that country. Given Australian bank customers are among the world’s fastest adopters of mobile banking, many observers consider Australia a prime target for this new type of disruption in traditional banking. However, in the past decades we have seen the launch of a number of internet-only banks we were told would take the place of bank branches and break the existing business models of the mainstream banks. In the UK ambitious online based banks were launched with names such as Egg (Prudential); Intelligent Finance (Halifax) and Smile (Co-operative Bank) all of which have now either disappeared or…


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