They have a bewildering number of labels : Generation X , Generation Z , the Internet Generation , iGeneration , Millennials and Post-Millennials to name but a few . They all have one trait in common : widespread use of the internet from a relatively young age .

This immersion in technology leads to a view of the world where online is not just normal – it ’ s actually preferable . It means that all businesses need to meet the needs of this growing demographic with products and services that provide an experience that these users are comfortable and familiar with . While 10 years ago it would have been far-fetched to suggest that banking would have much in common with gaming , this is exactly what ’ s now happening in the market

Take Atom Bank as an example . It ’ s the UK ’ s first bank built exclusively for mobile . Taking inspiration from gaming technology , it ’ s redefining what a bank should be , making things straightforward , personal and easily accessible . And it ’ s available through an App with log-in supported by face and voice recognition .

For Phoebus Software Limited ( PSL ), the emergence of Atom – in tandem with a genuine hunger by ‘ traditional ’ players to want to up their game – posed a challenge : How do you take one of the industry ’ s most reputable lending and savings platforms and make it more relevant to today ’ s market ?

As PSL ’ s sales and marketing director Richard Pike explains , the jump is not as fanciful as it might first appear . “ PSL is not just about delivering a great product that is fundamental to the success of all our financial services clients . As a company we place great value on partnerships and are driven by the needs of our clients , which means that we continuously innovate on their behalf ,” he says .

So when Atom was searching for a partner to provide servicing across its commercial and residential lending propositions , the Phoebus solution – together with a willingness to be actively involved – made a perfect fit .

After agreeing a five-year contract , the two companies worked together closely to deliver Atom ’ s commercial lending solution within six months of agreeing the requirements , with the first applications now being processed . The Phoebus commercial lending solution provides the platform for Atom ’ s internal team to originate loans for customers through intermediary lending . The implementation of Phoebus ’ software also includes many additional interfaces and integrations to support Atom ’ s state-of-the-art digital offering .

Craig Iley , managing director business banking at Atom says : “ Servicing a business loan should be simple , straightforward and add value to the customer ’ s overall management of their finances . We chose PSL for the depth of functionality that already exists in their servicing platform and their willingness to work with us to adapt their system to support the innovative technology .”

Yet PSL is not solely working with digital-only entrants who are developing new ‘ green field ’ solutions for the market . More ‘ traditional ’ players are also investing more heavily in online and digital for a number of important reasons .

First amongst these , is the significant commercial benefits that online capability delivers . Companies can drive significant costs out of their businesses by encouraging online behaviour . For customers , having the ability to see balances and check payments online reduces the need for telephone calls and letters .

In addition to lending , originating and servicing deposit accounts has always been a strength of the Phoebus solution and with the UK securitisation market remaining flat , the traditional method of raising funds through deposit taking has become more attractive for bank and lenders , with online and digital offering a viable route to this funding . In 2016 , PSL launched its latest online originations solution for retail and commercial deposits to accommodate this market requirement .

“ There is now a real demand in the market to take advantage of the many benefits that online can deliver ,” observes Richard Pike . “ As a result , PSL has committed significant R & D to ensure our clients can take advantage of this channel and we have a number of new solutions now available . This is all built on the robust and proven loan and savings management solution which our clients rely on and trust , but which now offers a different dimension and opens up a range of commercial possibilities .”

www . phoebus . co . uk