Tandem Bank is using an artificial intelligence engine to alert users to sneaky rises in regularly recurring bill payments.
The Tandem App tracks spending on regular monthly debits and then lets customers know if the amount they’re being charged - whether for utility bills or magazine and entertainment subscriptions - has increased.
Where relevant the bank also uses a marketplace to suggest some cheaper alternatives to a customer’s current provider, and promises to split the commission that the bank earns for a switch with the customer themselves.
Ricky Knox, Tandem CEO, says: “Tandem was created to remove the stress from money management. 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.”