Tandem has announced a new partnership with a cognitive banking company.
Personetics' 'Cognitive Banking Brain' will allow Tandem to offer customers personalised insights and guidance with the use of artificial intelligence (AI).
The mobile bank's app will now provide information regarding unusual spending activity, tips on how to avoid fees, potential balance shortfalls, upcoming uncovered bills and future events.
"Our primary focus is making money so easy for our customers that they can get on with their life,” said Ricky Knox, chief executive at Tandem.
“Together with our use of Open Banking, Personetics enables us to leverage innovative intelligence to know our customers better, predict their needs and help them make better decisions about their money with as little effort as possible on their part.
“We want to do the heavy lifting for them, so they can go about their lives and not worry about day-to-day finances.”
Nearly half of traditional UK bank customers (45%) could switch their current account to an alternative, according to a survey conducted by Red Bricks Research on behalf of Personetics.
David Sosna, co-founder and CEO at Personetics, added: “It's exciting to see an innovative neo-bank such as Tandem integrating customer-facing cognitive capabilities into its core offering.
“We see a surge in the adoption of AI by institutions of all sizes, and much of it can be attributed to the renewed focus on the customer experience that challenger banks have been injecting into the marketplace.”
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