Digital challenger bank Tandem is partnering with Personetics, a provider of cognitive banking applications, to harness the power of artificial intelligence towards its promise of putting the customer first.
A survey conducted by Red Bricks research on behalf of Personetics shows that nearly half (45 per cent) of traditional UK bank customers could switch their current account to an alternative financial institution such as a challenger bank, retailer, or fintech company.
Customer experience was cited by consumers as the key driver when choosing their banking provider – they felt that their finances were better understood, better guided and better managed by new providers rather than traditional banks.
Powered by Personetics’ Cognitive Banking Brain, Tandem will provide customers with personalised insights and advice integrated into the bank’s everyday digital experience. Delivering on the promise to put customer interests first, these insights are designed to anticipate customer needs, simplify money management, and help customers reach their financial goals.
“Our primary focus is making money so easy for our customers that they can get on with their life,” said Tandem’s chief executive, Ricky Knox. “Together with our use of open banking we can use AI to get 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.”