UK-based bank Tandem has partnered with cognitive banking company Personetics to utilise artificial intelligence (AI) in providing the customers personalised guidance to manage their spending across all bank accounts as well as notify them about unusual transactions.
Personetics recently published a research, conducted by Red Bricks, that found nearly 45% of traditional UK bank customers can switch to an alternative bank if they feel that their finances were better managed, guided by the new providers.
With this partnership with Personetics, Tandem intends to leverage this opportunity by providing better banking experience to the customers.
The usage of AI will provide customised insights and advice to the customers through the bank’s app according to their respective requirements and help them to reach their individual financial goals.
Tandem customers will also receive alerts on unusual spending, potential balance shortfall, upcoming uncovered bills as well as notifications on any prospective future event that need savings or investment.
Tandem CEO Ricky Knox said: “Our primary focus is making money so easy for our customers that they can get on with their life.
“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.
“We want to do the heavy lifting for them, so they can go about their lives and not worry about day-to-day finances.”