Tandem launches AI personal finance adviser Ada
Tandem Bank has launched its artificial intelligence (AI)-driven personal financial advisor Ada, named for the English mathematician Ada Lovelace.
Not to be confused with fellow UK-based mobile accounting platform Ada, which was launched by Crunch last October, Tandem’s Ada was built by its chief data officer Noam Zeigerson.
“Ada is a complex tech achievement that will optimize the Tandem customer experience,” says Zeigerson.
“With an ongoing analysis of incomings, expenditure and everything in between, customers will have a personalised experience with their money powered by extensive analysis.”
The neobank says the “cloud-powered analytics machine” can use hundreds of different algorithms at any one time, designed to help Tandem customers control credit and boost their savings.
It can predict cashflow, spending patterns and forecast balances at the end of the month or year.
“As the traditional banks continue to lose their personal touch with their customers, and people engage with their banking services digitally, the intelligence has somewhat disappeared,” says Zeigerson.
“By building an AI-driven bank, Tandem aims to bring personal relationships and trust back to its customers and better understand their unique circumstances.”
The prime driver in the creation of Ada seems to be down to helping customers tackle risk in their finances – be that through boosting their credit score, or giving them an AI-predicted window into their future balances.
“Ada is a key player in allowing a variety of customers to build their savings habits and credit file safely with Tandem,” says Zeigerson.