Digital challenger bank Tandem is partnering with Personetics, the leading provider of cognitive banking applications, to harness the power of artificial intelligence towards its promise of putting the customer first.
The rise of neo banks is fuelled by customer experience innovation
A survey conducted by Red Bricks research on behalf of Personetics shows that nearly half (45%) 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.
Worry-free banking: know what’s coming
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.”
Examples of personalised insights delivered by the Personetics solution include:
- “I’ve got your back” insights, such as unusual spending activity and tips on how to avoid fees
- “Heads up” insights, such as a potential balance shortfall or upcoming uncovered bills
- “Get ahead” insights, such as opportunities for savings or investment
According to Knox, “While artificial intelligence is promising, it was important for us to work with a partner such as Personetics that has proven experience in financial services. The Personetics Cognitive Banking Brain provides advanced AI capabilities with prebuilt insights that are fine-tuned for the financial domain, which in turn will enable us to accelerate time-to-market and place advanced personalised insights and advice in the hands of our customers sooner rather than later.”
“It’s exciting to see an innovative neo bank such as Tandem integrating customer-facing cognitive capabilities into its core offering,” said David Sosna, Personetics’ Co-founder and CEO. “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 market place.”