Durham-based Atom bank, the UK’s first app-based bank and Durham University have signed a five-year agreement to work together.

The deal is a framework for developing key areas and initiatives, such as data science, risk analysis, developing people and creating learning opportunities, as well as a focus on sustainable communities and protecting the environment.

Atom and the University will carry out collaborative research that addresses longer term opportunities and challenges facing both organisations and wider society, such as climate change.

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The pair will also support career development, with Atom providing mentoring, placements and internships for Durham students and postgraduates. This will also involve co-developing a programme for boosting participation in Higher Education amongst students from under-represented communities. The partnership will also share expertise on regional and national economic growth initiatives, in particular on issues that affect the financial services sector and economic growth in the North East of England.

The two have already collaborated on a number of key initiatives, including Northern Power Diversity Matters, a £1m Equality, Diversity and Inclusion in STEM initiative, which created a toolkit for employers and academia.

The two organisations have also worked on research to explore and drive innovation, including two Knowledge Transfer Partnerships, and have also collaborated on investing in the community, evident through a number of local initiatives. This includes working closely to develop plans for the Durham Maths School, a pioneering Sixth Form state funded school for Computer Science, Physics and Maths that aims to address the critical digital skills gap.

Edward Twiddy, Chief Customer Officer at Atom, said: “Atom and the University have a proud history of collaboration, so we are excited about what the future holds following this agreement. We’re a national brand proudly based in Durham, and we strive to champion the North East as a wonderful place to live, learn and work. This partnership is an incredibly important part of that, enabling us to support pathways from education to employment, drive regional economic development and create opportunities for research and innovation that drive better outcomes for our customers and for public policy.

“Alongside the many projects that we have developed and supported together, our close relationship has already resulted in many talented individuals joining the Atom team. We expect this number to grow as we offer even more mentoring, internship and employment opportunities to Durham’s excellent students.”

Professor Karen O’Brien, Vice-Chancellor, Durham University, said: “Our partnership with Atom demonstrates how businesses and organisations in the North East can make the most of what Durham University has to offer, from our student and graduate talent, our academic knowledge and teaching, and our excellent research, technologies and facilities.

“Having Atom become more involved in our University community directly supports the important work we do to help our students on their path to success and provides valuable inputs to our academic research and knowledge exchange programmes. We have a wide range of work being planned."