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[00:42.77]·3y ago

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[00:00.41] In a small office behind London's King's Cross station a band of technology entrepreneurs is setting up a bank with 140 staff to offer what traditional banks need tens of thousands of people to provide.

[00:13.16] It is Tandem Bank, which will have an app and a small call centre.

[00:18.47] Two hundred and fifty miles away in Durham, Atom Bank has been given a licence too.

[00:21.67] You won't even need a password to log into an account on its app – it'll recognise your face or your voice.

[00:28.04] More start-up banks are set to follow.

[00:29.90] The Bank of England is talking to 26 candidates for licences – among them several budding app-only operations.

[00:37.07] Despite evidence that people are fearful of switching banks, they are targeting millions of customers.

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