Digital Bank Tandem Reports Solid Adoption of AI Savings Tool
via Crowdfund Insider
Tandem Bank says that over half of its customers are using its AI-enabled Autosavings feature after one year of availability.
The Autosavings feature is designed to effortlessly build an individual’s savings account for them. Tandem notes that even prior to Covid-19, the company found that saving is a challenge for many who are already accustomed to making their budget stretch, especially at the end of the month. This is particularly true for those aged 22-29 as over 50% of them live paycheque to paycheque with no savings at all. Autosavings takes incremental amounts from an existing budget and sets the money aside into a savings account that accumulates interest.
The feature is made up of three components, Round-Up, Safe-to-Save, and Weekly Deposit. Round-Up simply reflects its name putting the additional money into savings. Safe-to-Save, uses AI to forecast how much money someone is able to set aside. Weekly Deposit helps to make saving a habit by allowing individuals to set up a recurring amount to be put in their account on a weekly basis.
The average ‘active’ Autosaver is setting aside £222, according to Tandem.
Tandem co-founder and CEO Rick Knox commented on the feature:
“Autosavings has been one of the biggest successes in Tandem’s journey. We’re exceptionally proud of the product and are delighted to say that over half of Tandem account holders have chosen to enable its intuitive features. We aspire to make saving accessible for everyone by using our knowledge and expertise to eliminate barriers to saving for the average person.”