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
Sainsbury’s Bank withdraws all base rate tracker products
Sainsbury’s Bank has removed all of its base rate tracker mortgage products with immediate effect...
Leek United extends mortgage offer period
Leek United Building Society has announced that it has doubled the offer period on its mortgages from three to six months...
STB strengthens real estate finance division
Secure Trust Bank (STB) has announced the appointment of Chris King (pictured above) and Andy Thomson to lead the company’s real estate finance division across London and the South East...
CYBG and Virgin Money agree takeover offer
The boards of Virgin Money Holdings (UK) PLC and CYBG PLC have agreed the terms of a recommended all-share offer to be made by CYBG for Virgin Money...
UTB extends max loan size on second charge mortgages
United Trust Bank has increased the maximum loan size on its second charge mortgages from £250,000 to £400,000...
BBB launches online information hub
The British Business Bank has introduced an online hub that provides information regarding the finance options available to scale-up, high-growth and potential high-growth smaller businesses...
Metro Bank updates mortgage rates
Metro Bank has refreshed the rates across its residential, buy-to-let (BTL) and large loan ranges...
Our response to the Treasury committee's SME finance inquiry
Earlier this year, the Treasury committee launched an inquiry into SME finance looking at a number of issues...
Anthony Browne joins Coconut board
Coconut – the smart current account for freelancers and the self-employed – has appointed Anthony Browne (pictured above) to its board...
Cambridge & Counties to launch new products and expand UK reach
Specialist bank Cambridge & Counties has revealed that it aims to cover the entire country within the next few years, as well as expanding its product suite...
OakNorth provides £7.3m loan to luxury hotel chain
OakNorth has completed a £73m loan to Z Hotels, bringing its total lending to the hotel group to £225m...