“NEW CITIZEN’S ADVICE STATS SHOW BRITS NEED THE FULL PICTURE”, TANDEM CEO

Spenders in the 21st century are being swamped with bills from left, right and centre. In fact, a new report by Citizens Advice this week revealed that British households owed £18.9bn worth of utility bills, missed council tax payments and overpaid benefits, an increase of 34% since 2010. Wouldn’t it be handy to be shown exactly where your money is going, before it happens? How come £9.50 keeps magically disappearing from your account each month? Are you struggling to pay your council tax? Often, it is all too easy to forget what we pay for, or to be charged for unwanted subscriptions we don’t really need, want, or have forgotten to cancel.

This is why digital bank Tandem are helping customers tackle this exact issue with a suite of “highlights” on their app that look at a user’s spending to identify upcoming bills, flag any increases and suggest ways to make savings. If you have a certain amount left in your account, but the app predicts you still have to pay off a water bill, your rent and council tax then it will send an alert that your balance is at risk of going negative, saying “your balance might not cover estimated account activity”. It can also suggest ways to make savings based on your financial situation. This is achieved through machine learning that looks at a user’s aggregated financial data to provide real time insight.

Tandem CEO Ricky Knox says, “It’s tough for people to meet the financial burdens placed on them each month and they need all the help they can get. That’s where technology comes in: you no longer need an expensive financial advisor to tell you how to get the most out of their money, an app can do it!”

Tandem’s banking app also shows users how much ‘spending money’ they actually have across all of their bank accounts by subtracting any bills or credit card balances from a user’s current account. This way people can plan accordingly, and if possible avoid owing money or dipping into overdrafts.

Knox adds, “These Citizen’s Advice statistics show that Brits need the full picture. We’ve built an app that’s there to show people what they can actually afford to spend – it’s the first step to meeting those financial obligations. 690,000 people shouldn’t be falling behind on their household bills.”