Tandem Bank has revealed that it’s developing a new mortgage product which will be suitable for first-time buyers.
The digital bank has set up a new group of co-creators where consumers can sign up and provide opinions about their ideal mortgage.
This input will be included in the design phase of the mortgage so that the new product — which will launch in the UK in 2020 — services real consumer needs and will then be tested with a small group of customers by the end of 2019.
Tandem is also developing a new, Open Banking enabled, method of credit scoring based on a customer’s aggregated financial data, which will help to pinpoint how they borrow, spend and save through its banking app.
“We’re looking at new and intelligent ways of assessing whether a potential customer is creditworthy, as well as ensuring our mortgage offering meets the needs of today’s consumers rather than taking a traditional approach,” said Nick Bennett, chief operating officer at Tandem.
Ricky Knox, co-founder and CEO at Tandem (pictured above), added: “It’s hard for most people to get on the property ladder and we want to help them embark on that journey with new tech and a customer-first approach to design.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...