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U.K.’s Atom Bank Will Use Machine Learning for Mobile Banking

Atom Bank, a yet-to-open financial institution in the U.K., will use machine learning technology from WDS, a Xerox subsidiary, to boost its mobile banking service.

The “virtual assistant” technology will monitor and learn from customer behavior, so it can more quickly anticipate and solve queries from mobile banking consumers—think of a search engine on steroids. The bank will integrate the WDS Virtual Agent Software into its mobile app. Atom also will use the WDS Agent IQ technology for customer service agents. If consumers can’t find the right answers via the mobile app, Agent IQ analyzes the best results used by a particular agent and makes that knowledge available to other agents for use in helping customers.

Atom, a so-called challenger bank, has received its regulatory license and plans to start doing business in the second half of 2016. The bank will rely on mobile banking instead of branches.

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