Posted on July 27, 2018 by staff

Tandem launches AI app feature to spot rising bills


Tandem has launched a new artificial intelligence-powered app feature that alerts users to rising bills.

The digital challenger bank already boasts a growing suite of products including a competitive cashback card and an app that lets customers manage all of their accounts in one place.

It has now announced the launch of a new in-app capability that uses AI to track spending and alerts users if their direct debits change.

“Tandem was created to remove the stress from money management,” said CEO Ricky Knox.

“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.”

Knox said earlier this year that Tandem is on track to be as big as Lloyds after attracting 100,000 customers within three months of launching its first product.

“This smashes our internal targets and puts us on track to be as big as Lloyds in a decade,” he said at the time.

In January 2018 Tandem expanded with the acquisition of Harrods Bank and its 7,000 global customers. The purchase also brought with it a banking licence and £80 million of capital, along with a sizeable loan and mortgage books.