Atom Bank will implement an AI decisioning platform from Provenir to enhance various consumer and business banking products.
The UK app-based bank plans to utilize this platform to optimize data orchestration and decision-making, focusing on credit, fraud, and identity management across its residential mortgage, business banking secured lending, consumer savings, and buy-to-let mortgage offerings.
In June of last year, Atom Bank reported its first pre-tax profit, driven by a 40% increase in its loan book to £4.1 billion, including a 55% rise in residential mortgage balances to £3.2 billion.
Chris Storey, Atom Bank’s Chief Commercial Officer, stated, “As our customer base and operations continue to grow, our adoption of Provenir’s AI Decisioning Platform will simplify the management of multiple risk decisioning platforms and support our commitment to providing an exceptional customer experience.”
With a workforce of 550 and approximately 250,000 customers for its savings products, Atom recently announced plans to relocate its headquarters from Durham to Newcastle as part of a multimillion-pound office investment to facilitate ongoing growth.