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.”
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