Tandem Bank launches AI push
The firm says Ada, as the project has been named, will be at the heart of the building the bank’s new functionality.
Tandem Bank has a new core member of the team: it’s a cloud-powered analytics machine using artificial intelligence dubbed Ada.
Named after Ada Lovelace, a 19th century pioneer in computing theory, and daughter of Lord Byron. It will run, Tandem says, all day every in the background of all app functions, helping customers control credit, boost savings.
"Ada is a complex tech achievement that will optimise the Tandem customer experience. With an ongoing analysis of incomings, expenditure and everything in between, customers will have a personalised experience with their money powered by extensive analysis,” said Noam Zeigerson, Chief Data Officer of Tandem Bank.
Zeigerson is an AI veteran with over 18 years of experience in data & analytics, machine learning, data governance, predictive analytics, business intelligence and data monetisation. He previously was tasked with transforming the operations of Israel's largest bank, Bank Hapoalim, with his AI expertise.
“Ada is all about the customer. She is at the heart of building a truly intelligent digital bank. 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. By building an AI-driven bank, Tandem aims to bring personal relationships and trust back to its customers and better understand their unique circumstances,” Zeigerson added.
He says that Ada will be able to predict cashflow, spending patterns and forecast balances at the end of the month or year leading to credit decisions.
Tandem says that it believes credit is a good facility to smooth cash flow when used responsibly. The ability to predict cash flow allows both the prediction of the need for credit and the affordability of paying it back successfully.
"This has the potential to transform many customers’ relationship with credit, eliminating risks and encouraging healthy credit use that opens up a multitude of opportunities across a portfolio of financial products," Tandem said in a media release.
Zeigerson adds, “Ada is a key player in allowing a variety of customers to build their savings habits and credit file safely with Tandem. Allowing them to spend money intelligently knowing they are supported by a world-class artificial intelligence engine that is working for them.”