Digital challenger bank Tandem is accelerating the training of its artificial intelligence technology to offer customers tailored banking services with the appointment of a seasoned expert to train its artificial intelligence (AI) engine.
The ability to automate services that use customer insights to offer banking services that people want is a key strand to Tandem’s business model. It uses AI and open banking technologies to make banking easier and helping customers better manage their money.
These personalised insights enable app features such as automatic savings, and will be an important to Tandem’s upcoming mortgage offering.
Tandem was incorporated in 2013 took on its first employee, unsurprisingly a chief technology officer in 2015, and got its banking license in 2018.
Tandem has appointed Noam Zeigerson, who has 18 years’ experience, as chief data officer
Zeigerson said there is no one-size-fits-all in banking. “Every day we are training AI, harnessing the power across app features to give each user an experience that is tailored to their needs.”
For example Ricky Knox, CEO at Tandem, told me that the company is currently running a beta of its proposed mortgage offering which will personalise them for customers. He said the product will be available next year.
It is this kind of challenge that attract the top talent to challenger banks, where salaries might not be as high as at traditional banks.
It seems AI experts are kids in sweet shops, when it comes to applying there expertise in the challenger bank sector.
Knox said Zeigerson who previously worked at Bank Hapoalim, one of Israel’s biggest banks, was attracted by the opportunity to combine the huge amount of data available in banking with a startup development mentality. “The problem working for a big bank is everything takes 14 times longer,” added Knox.