Tandem Bank Signs AI Deal with Personetics

7. February 2018.

Ricky Knox, CEO of Tandem Bank

Tandem Bank has signed a partnership agreement with cognitive banking firm Personetics, which will see the bank deploy a suite of AI analytics systems.

The Personetics system will enable Tandem Bank to offer “personalised insights and guidance” that will “anticipate customer needs” and make it easier to handle their money.

A survey conducted by Red Bricks research – on behalf of Personetics – apparently revealed nearly half (45%) of traditional UK bank customers could switch their current account to an alternative. The key driver when it came choosing a new provider was that they felt that their finances were better understood.

According to the firm, Tandem customers can expect spending activity summaries, tips on how to avoid fees, balance shortfall warnings and “future events” notifcations to prompt savings.

“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.

See more: Tandem opens early access to cashback credit card

“Together with our use of Open Banking, Personetics enables us to leverage innovative intelligence 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.”

David Sosna, Personetics co-founder and CEO, added: “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 marketplace.”

Tandem bank recently completed its takeover of Harrods Bank, nabbing itself more than £400 million ($559 million) in deposits.

The deal granted Tandem Bank a full banking licence, as well as access to Harrods Bank customers and £80 million ($108 million) of capital. The challenger also gained a £375 million ($505 million) mortgage book.

Tandem Bank is in the process of rolling out a travel card and cashback card, and plans some “competitive savings products” in 2018.

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