The explosion of fintech challenger banks is promising to revolutionise the banking industry.
Despite already gaining a banking license and regulatory approval from the Financial Conduct Authority and Prudential Regulation Authority, Tandem is yet to launch.
Basically it is in the ‘mobilisation’ phase for what will be another digital bank, but it is expected to launch before the end of this year.
Big things are expected of the challenger because it is working on concepts like being able to track money like a person tracks their fitness, or tackling holiday charges.
The challenger aims to offer a daily spend roundup, in both pounds and foreign currency, upfront and up-to-date exchange rates, and no fees when cash is taken out anywhere in the world.
A lot is expected from Tandem and plenty of people will be on the look-out for it to achieve some of its lofty goals with technology.