Atom Bank, the UK`s leading app-based bank, is here to do the right thing for its customers. Stand up to the big banks, save customers time, offer the best products and bring them real added value that allows them to take control of their finances. The improved service is not only due to better networking and lower latency, but also to the architecture and notification system that Atom Bank has built. When incidents occur, the bank can find and process them much faster than before. For example, at the end of 2020, when one of the products saw an increase in usage by customers, the DevOps team saw a notification of a possible lack of computing power and was able to increase the number of processors in a matter of hours. “Customers haven`t seen any drop in service because it`s never become an issue for them,” says Simon. “That`s the good thing about being able to react on the same day. We always receive one incident or another, but we can be proactive in resolving them before they become problems. Atom Bank, the UK`s first mobile-only bank and holding a 29.5% stake in BBVA, has launched residential mortgages – their first consumer credit product – which allow customers to manage the offer-to-transaction process via the Atom app – the only UK mortgage provider to do so. During the mortgage application process, while legal work and assessments are done in the background, your mortgage lender will typically ask for pay slips, bank statements, and other documents.
Here, you`ll spend an evening reversing your current location and searching for documents that you haven`t lost a second thought about so far. Your broker will tell you the necessary documents and send them on your behalf. “Google Kubernetes Engine gives us much more granular control than a traditional banking architecture. When an incident occurs, we are notified and can deal with it very, very quickly before it becomes a problem. Atom Bank has been named one of the most innovative startups in the 2016 Fintech 100 ranking. BBVA holds a 29.5% stake in UK-based all-mobile banking Atom, the mobile bank that recognizes your voice and face The bank now makes extensive use of Cloud SQL with automation pipelines that allow it to quickly create highly available and resilient instances and databases. The DevOps team moves GKE clusters up and down in minutes to deploy microservices, starting with the Google Cloud SQL element of the architecture, whose instances aren`t recreated as frequently. When recreating a Cloud SQL instance, the team uses automated Terraform or Ansible pipelines to power up the new instance and database in minutes. Google Cloud Premier Partner Thought Machine provides banks with a modern, fully customizable API-based platform. At this point, Atom Bank brought its middleware elements to the compute engine virtual machines with static data stored in cloud storage. For added security, Google Cloud products can be encrypted using Customer Managed Encryption Key (CMEK) technology in Cloud Key Management.
“As a financial institution, security is our top priority,” said Simon Dawson, Head of DevOps at Atom Bank. “The ability to generate and manage our own keys means that we are solely responsible for accessing our most sensitive data and we are not dependent on third parties.” As we are a digital bank, we will always try to electronically identify and verify customers (ID&V) based on the information provided by credit reference agencies. Following the successful exit of its Instant Saver account, Atom Bank plans to fully migrate from its old data center-hosted banking stack to its new modern cloud banking stack and is currently working hard to develop new products and services for release in 2021. “Our vision is to make banking easier for customers, that`s what we`re focusing on right now,” says Rana. “We want our customers to feel that they can do everything they need to do in the app instead of going to a bank branch on the main street. We want them to see banking as something you do, not as a place you go. “The DIP provides for a preliminary agreement whereby the applicant meets our key lending and affordability criteria. It will describe in detail how much we can lend, is valid for 90 calendar days and is subject to: Atom Bank reviewed a number of cloud providers before choosing Google Cloud for its technical capabilities, service level and competitive prices. “At Google Cloud, we felt like we were working closely with a partner, not just a vendor,” says Rana. “When we contacted their engineers, we could see that they were interested in helping us succeed.
Atom Bank was founded in 2014 in the North East of England and is the first mobile-exclusive bank. That`s how their mortgage customers manage everything from a single app – from accepting a mortgage offer to viewing bank statements. In June, Atom Bank completed the second phase of modernization, during which the rest of its banking infrastructure and systems were built into the Google Cloud. For its core banking services, the company used Vault, a cloud-native platform developed specifically for banks by Thought Machine, a Google Cloud Premier partner. With GKE, the bank has also designed areas such as a new monitoring and reporting system for its infrastructure and redesigned its data architecture. An important part of Atom Bank`s initial success has been its ability to grow rapidly and sustainably. Therefore, he wanted to ensure speed and reliability, even though he gained more customers and added more services. As a “challenger bank” that competes with much more established competitors with huge resources, Atom Bank had to carefully decide how to spend its time, effort and money to improve the offer. Some third-party applications still require local servers to run. But with cloud-based infrastructure for core banking elements, Atom Bank could launch new projects or introduce new environments without having to invest costs in new hardware every time. “We were looking for agility at a more economical cost, and we were able to achieve that with the cloud,” says Rana.
If a customer reschedules in Digital Mortgages by Atom Bank and wishes to borrow additional funds, this should be allowed up to LTV`s standard limits and as part of our current product offering, provided that we are satisfied with the purpose of the loan and that the application meets our affordability criteria. .