Tandem sets up Community Beta for smart savings app

Tandem sets up Community Beta for smart savings app

UK challenger bank Tandem is inviting its 325,000 customers to join a Beta programme to help shape its forthcoming personal financial management app.

The Autosavings proposition will give every app user an interest-bearing account with Tandem and allow them to enable a set of smart savings rules to automatically find money that can be saved.

Tandem intends to mine each customer's transactional data to suggest appropriate amounts for customers to save in small, regular deposits.

Ricky Knox, co-founder and CEO of Tandem Bank, says: “We want Autosavings to change the way people think about saving - rather than thinking of spending as the enemy of saving, you should be saving little and often throughout the month."

Customers who join the Beta programme will be able to feedback suggestions for improvement, report bugs and discuss their savings habits to help create a relevant product.

Set for launch next year, the Auosavings rules base currently includes an option to round up money spent and the use of data aggregation to calculate small increments to be automatically saved.

The company has partnered with payments platform Stripe to use the latter's Connect routing engine to manage payment flows.

Matt Ford, product director at Tandem, says: “When we talk to our customers almost everyone says they want to save more, but struggle getting into the right habits. They often just end up feeling guilty about the whole process of saving. We’re aiming to make it easy for anyone to make a positive change in their financial life, and this Beta test will help us get there.”

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