A BANK that can read your mind might sound like something from an Orwellian nightmare, but the 400 jobs being created by Atom are a dream for a region in need of more and better jobs.

Bold claims have been made by the people behind the new online bank, which opens in Durham City next year.

It has been dubbed the UK’s first truly digital bank, and its aspiration is to become the world’s first telepathic lender – second guessing customer’s spending patterns with such accuracy that they will be sent a statement for the month ahead.

Welcome to the new atomic age.

Behind such highfalutin claims is that fact that the North-East could be about to play a crucial role in a banking revolution.

The Government is keen to encourage new lenders into an industry that lost public confidence following a succession of embarrassing scandals. Atom is one of the so-called ‘challenger’ banks set to shake up the big-four high street lenders. Let’s hope that greater competition will bring better value and service to customers who have been taken for granted for too long.

The way we interact with our banks is changing too. As bricks-and-mortar branches are axed, more of us are managing our money through smartphones and tablet computers.

Atom says it will employ a team in the North- East to develop innovative ways to make banking easier. It is always pleasing to see the region take a lead in new technology, but we also believe there is a place for traditional branches where customers can get face-to-face advice.

The collapse of Northern Rock meant that the seeds of the financial crisis were sown in our region. Today’s announcement shows we have a part in the future of British banking.

You don’t need to be a mind reader to tell that this is good news for the North-East.