TANDEM ACCELERATES ITS GROWTH, WELCOMING ITS 250,000TH CUSTOMER WITHIN TWO MONTHS OF REACHING THE 100,000 MILESTONE
THIS POSITIONS THE BANK IN PRIME POSITION TO LAUNCH NEW CARD AND MORTGAGE PRODUCTS THAT ARE TAILORED TO INDIVIDUAL CUSTOMERS
TANDEM CEO RICKY KNOX SAYS, “WE’RE SEEING INCREDIBLE GROWTH WHEN IT COMES TO CUSTOMER SIGN-UPS. DIGITAL-ONLY BANKS LIKE TANDEM ARE HAVING THE LION’S SHARE OF NEW CUSTOMERS AND IT’S PUTTING TRADITIONAL BANKS TO SHAME”
Today Tandem Bank announces that it has reached 250,000 customers across its cashback credit card, fixed term savers and account aggregating banking app. This news comes just two months after the bank hit the 100,000 customer mark, accelerating their growth ahead of internal targets and that of their competitors. Millennial holidaymakers are capitalising on the fee free spending overseas offered by Tandem’s cashback credit card on holiday this summer and have spent across a total of 158 countries on their travels, from Britain to Botswana. They are also are making use of the fixed savers’ competitive interest rates to set money aside for the future.
With these market leading financial products and an advanced banking app that offers customers a 360° view of their finances Tandem are now looking to grow their suite of services with a new card and mortgage products. The Tandem App aggregates all of customers’ accounts, which not only allows them to view everything in one place, but also lets Tandem use this financial data to tailor product offerings to their specific financial situation. This way their products fit customers like a glove.
Ricky Knox, Tandem CEO, says, “We’re really excited to see what we can do with personalisation as we start helping more and more people manage their money better and launching new products. We’ve now got 250,000 customers and every single one is different. The future of banking is going to be about knowing your customers and offering them products and services that work for them. It’s also where you start saving them a whole lot of hassle and stress, which is why we started Tandem in the first place.”
Built from the start with 11,000 co-founders, Tandem is a people-powered bank at heart. Their cashback credit card and fixed term savers were created to service real customer needs that were identified by inviting these co-founders to Tandem’s offices and discussing what they actually want from their bank.
Ricky Knox adds, “Our ethos and open approach to banking resonates with people. We’re the bank whose entire senior team takes to the streets for London Pride to show that we genuinely care about the community we’re serving. Obviously you need great products, that’s a given, but it’s also our vision for a bank that’s got your back that the UK is responding to. It’s one of the reasons we’re outstripping legacy banks when it comes to growth.”
The acquisition of money management app Pariti that was recently completed has brought a new community to Tandem. The acquisition was announced back in March in a deal that brought with it both Pariti’s user base and CEO Matthew Ford and CTO Peter Townsend, who are already making strides in improving the Tandem app with artificial intelligence driven “highlights” that flag rising bills, duplicate payments and many more aspects of customer spending.
Matthew Ford, Product Director at Tandem and ex-Pariti CEO, says, “Pariti users have already visited Tandem’s offices to help us shape the vision for our app moving forward. They’ve welcomed Tandem with open arms and are excited to see what’s next for the bank. It’s a testament to the quality of the suite of products that we’re developing here at Tandem and we’re thrilled to have them on board to help us make them even better.”