TANDEM DELIVERS 1 MILLIONTH HIGHLIGHT

Today Tandem Bank announce the issuing of its 1 millionth highlight – helpful in-app prompts showing customers ways to improve their finances,

Features such as spotting rising utility bills and potentially fraudulent duplicate transfers, helping users to find better deals and keeping track of their cashflow all help take the stress out of money management

Tandem Bank CEO Ricky Knox says, “At Tandem we measure ourselves against something called customer lifetime benefit – we’re there to help people out, be that giving them useful advice on how to make savings in their daily life, notifying them of a recurring payment, or even warning them that they might not break even this month. Having sent app users one million pieces of advice is a fantastic milestone. ”

Today Tandem announce that they have now issued one million highlights to app-users to help them with managing money and guide them to get the most from their finances. The app generates over fifty different highlights that help customers manage their spending and live a better life with money, with more being added every month.

Sometimes subscriptions, bills and general cash flow from different accounts can be difficult to keep up with. That’s where Tandem highlights come in. Users will receive regular updates on their aggregated accounts and credit cards to easily keep track of spending.

Highlights include a ‘cash flow highlight’, which lets customers manage incoming and outgoing transactions on a single account. App users who were about to show a change in outgoings received one of the 96,000 cash flow highlights sent out to easily compare spending from previous months with bar graphs and monitor their income and expenditure with an easy to understand breakdown of cash flow.

Tandem have also identified more than 33,000 refunds, which means that customers don’t have to trawl through bank statements to keep track of expected refunds – the highlight will simply alert you when it arrives. Customers have also been alerted to regular bill increases, a popular highlight that helps users keep track of direct debits. For example, if an introductory rate from a broadband provider is ending and the cost is to rise, the highlight will alert you and tell you how this will affect your cash flow.

Just as the app can easily spot refunds for people, it can also identify duplicate transactions, which could be instances of fraud. A highlight that flags such transactions has been delivered 30,000 times, giving users a potentially vital prompt to check for suspicious activity on their account.

Tandem have even warned a small minority of customers that their balances may be too low to cover upcoming spending. Thanks to the breadth of data that the app has access to across a users’ aggregated accounts, it can alert them to upcoming financial difficulty. The app will monitor incomings and outgoings to calculate if users are going to have enough money in their account to cover their living costs, and advise those who are struggling to be extra careful with their budgeting. This highlight can effectively cater to those that may need proactive support – it’s there if and when they need it.

Matt Ford, Product Director at Tandem, says, “We don’t want users to have any nasty surprises with their finances. Highlights are our way of keeping people one step ahead when managing their money. They are different for each person, targeting the money issues that matter most to them – this personalisation is at the core of the Tandem app. As we deliver these highlights, we’re finding out more and more about our customers and can develop more prompts that suit their habits.”