Lloyds Share News (LLOY)

Anthony Thomson, the founder and former Chairman of Metro Bank has unveiled plans to launch Atom, the first 'truly digital' retail and business bank. The new online bank, which is due to open in 2015, will offer both consumer and business banking. Thompson, who will take on the role of Chairman, said: "The use of branch banking has fallen off a cliff and even telephony banking is in decline. The explosive growth is in digital and particularly mobile banking."The role of Chief Operating Officer will be taken on by Mark Direct, who in March resigned as the Chief Executive of HSBC-operated online lender, First Direct. The launch comes as a number of existing banks are opting to close branches on the back of significant declines in the number of clients visiting branches. RBS recently revealed that there had been a 30% drop in the number of customers visiting its branches over the past three years, which according to sources cited by Reuters has been an industry-wide trend. Thomson himself commented that the industry has undergone a radical change since 2010.He is reportedly currently applying for a banking licence, although is said to have been in discussions with regulators for some time. He is believed to be utilising the fast-track licensing scheme operated by the Prudential Regulation Authority. Atom is believed to already have gained the support of a number of both private and institutional investors, all none has so far been identified. Thomson said there is a "significant market for a new bank", saying Atom "can deliver better service and better value digitally", according to Bloomberg. Metro, which started operating in mid-2010, was the first new UK consumer bank to open in more than 10 years. Thomson has retained a "significant" stake in the group. The UK banking industry is currently dominated by Lloyds, RBS, HSBC and Barclays. Both Tesco Bank and Virgin Money are currently building their online current accounts, while both Aldermore and Shawbrook are creating offerings directed at small to medium sized firms. NR