The innovation behind Tandem Bank involves using apps to help its users save money.
The “neo-bank” provides all types of traditional services including personal banking, savings accounts, and credit cards. However, their use of emerging technology is what sets it apart from conventional banks, and helps attract users.
“Last year we hit 500,000 customers when we had an expectation for 150,000,” Knox said in an interview with Yahoo Finance UK.
Tandem Bank’s so-called “Autosavings” account uses machine learning in order to analyze the incoming and outgoing transactions which users partake in. From that analysis, the company then makes suggestions on users’ saving and spending habits.
Co-Founder and CEO Ricky Knox told NS Banking that, “With Autosavings we’re giving people the ultimate tool to build positive savings habits, earn interest, and even absorb the costs associated with paying money into your Tandem account.”