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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Development Bank of Wales provides £500,000 to IT repairs business
Comtek Network Systems UK Limited has secured £500,000 of investment from the Development Bank of Wales
Wesleyan Bank names new director
Wesleyan Bank has strengthened its management team with the appointment of Simon Welling (pictured above) as its director of sales and marketing.
Cash Isa savers missing out on transfer market
Half of cash Isa savers aged 55-plus (50%) have never moved their accounts to another provider, according to a new study.
CivilisedBank secures further funding
CivilisedBank is set to receive further funding from current investor Warwick Capital Partners, subject to regulatory approval.
A round-up of the latest specialist banking products
With the continuing expansion of the specialist banking market, this year promises to bring a host of new products and services to the sector.
Hanley Economic BS rebrands
Hanley Economic Building Society has rebranded as it launches its first ever TV advertising campaign.
Lydia raises a further €13m
Lydia has announced that it has raised a further €13m, taking the total amount raised by the French fintech start-up to over €23m.
Fintech as a force for good
The big news around fintech focuses on the many ways it is already making financial services more profitable, more scalable, more secure and more user-friendly.
FIBA commits to 30 events
The Financial Intermediary & Broker Association (FIBA) has announced 30 regional meetings for its members and intermediaries interested in joining the Association.
20% of brands to abandon their mobile apps by 2019
A fifth of brands will abandon their mobile apps by 2019 due to a lack of adoption and customer engagement, according to a study by research and advisory company Gartner.