UK-based challenger bank Tandem announced on Thursday the launch of its new app feature that tells users when their payments have gone up. According to Tandem, the feature uses AI to track spending and lets app users know if the amount they’re being charged has increased. Tandem also reported that it uses a marketplace to suggest some cheaper alternatives a customer’s current provider, and would split the commission that they receive for this switch with the customer themselves.
“Tandem was created to remove the stress from money management. It’s easy to feel overwhelmed by all the money leaving your account each month and this is especially true when the amount is going up! No one wants to pay more than they need to because this can prevent you from getting on with the good stuff in life – that’s where Tandem comes in.”
The launch of the new Tandem mobile app feature comes less than two weeks after Tandem announced it has successfully attracted 250,000 customers to its platform. Not only is the fintech celebrating the number of users, it is also reportedly planning to launch its very own mortgage market. As previously reported, Tandem revealed that it is in “prime position” to launch its own range of mortgage products. The company previously acquired Harrods Bank, which gave it access to the bank’s customers and £80 million in capital, as well as £375 million mortgage book and £400 million of deposits. Knox at the time revealed:
“We’re really excited to see what we can do with personalisation as we start helping more and more people manage their money better and launching new products. We’ve now got 250,000 customers and every single one is different. The future of banking is going to be about knowing your customers and offering them products and services that work for them. It’s also where you start saving them a whole lot of hassle and stress, which is why we started Tandem in the first place.”
Earlier this year, Tandem secured a banking license and recently acquired money management app, Pariti.