Tandem - Fintech Q&A!

(Jake Tame) #22

Do you have plans to open a community forum?
Can you be more open in the plans for Tandem?
I’d like to see how your integrating a legacy bank how thats affected your “modern” platform?
What does the Tandem platform run on? We know Monzo is containers on K8s.
How long until we get get rid of paper statements?
Can we introduce a roundup feature?
Are there plans to improve support hours? Support response times?
Any plans to remove having to call into Tandem for simple things?
Any changes to 3DSecure coming?

(Daniel James) #23

Hi Will. Thanks for your question. We’re really keen to do it. But right now we’re still proving out our riskiest assumptions, which we can do with the existing legacy banks. However, we plan to move away from screen-scraping in the middle of next year, at which point, Monzo will be top of our list.

(Daniel James) #24

Hi Lewis. I’m afraid that’s not currently on our priority list. However, we are leveraging aggregation data to create a variety of autosavings rules that users will be able to opt in and out of. There’s obviously slightly less flexibility, but hopefully keeping it simple will work for our users.

(Daniel James) #25

Hi @grant.macgregor. Thanks for your questions.

We should have our api for Emma/Yolt and everyone else around April.

We’re already testing with staff now. We’re hoping to release in mid-January if all goes well.

Emma Feedback Thread / Q&A
(Daniel James) #26

Hi @liclac. Thanks for your question - we’re aware this is really annoying for a lot of customers. However, because we offer credit rather than just a current account, we need to do so responsibly and that means gathering enough information about customers to make sure that we come to the right lending decisions. We are exploring methods of reducing this friction, please do bear with us in the meantime.

(Daniel James) #27

Hi Will. We know we’ve got a long way to go, but it’s genuinely useful to hear what’s most important to our customers.


What have you learned?

(Daniel James) #29

Great question.
We strongly believe that credit is useful, but can be risky. Therefore we want to limit that risk and help our customers to use credit appropriately.
Right now, spending money helps make sure you don’t spend beyond your means, will highlight when a bill is due and if it has not yet been paid, simplify your bill into a single sentence so people understand how much and when to pay. As in the image below, the app shows users very clearly how much money they have left to spend next to their outstanding card balance - so you can tell at a glance if you’re getting near your own spending limit (not just the credit limit).

A lot of what drives autosavings is that we want to help customers build a buffer to balance their credit.

We’ve also got a lot of features in the pipeline, aiming for Q2 of next year that will be focused on control and transparency.

(Daniel James) #30

@alejandro.mery - Glad you like notifications. As Grant mentioned, we had a system upgrade while you were making your comment. We release new updates to the app every two weeks, so hopefully you’ll start to see real value coming in over the next few months. In the past a lot of our value add has been in aggregation, which we’re aware Monzo customers do not currently benefit from. The next two months will start to see a lot more features that don’t rely on this data, so hopefully you’ll start to see a lot more value from the app in 2019.

(Splodf) #31

Roadmap please Dan?

Rough is fine for me. Won’t hold you to it.

(Grant MacGregor) #32

Top drawer, Dan! Merci.

(Alejandro Mery) #33

there are many great aggregators, I use emma and moneyhub, … but unfortunately, they don’t support my Tandem card… I presume it’s because of the lack of an open API.

I would rather have a great modern credit card provider than yet another aggregator.

(Thomas Horne) #34

@DanTandem I’m wondering if a web interface is in the works or planned for the future?

(Daniel James) #35

This is not in our planning at the moment, sorry!

(lewis oconnor) #36

Will you allow multiple auto savings account or multiple savings accounts where we can change the name of them? (like Monzo Pots)
And is it possible to have more than one credit card with Tandem?

(Jack) #37

Thanks for answering Dan!

(Grant MacGregor) #38


Sorry if this has already been answered, but are you planning on connecting any other banks to the app? I’ve used the ‘suggest banks’ feature but I’ve not had any reply.

(Daniel James) #39

Hi Lewis.

We’re just about to launch autosavings and the Tandem (instant saver) account to a small number of Android users from Wednesday this week. Autosavings will be developing over the coming months, so we’ll have a much clearer idea of how it’ll eventually look once we’ve seen a bit more info about how people are using it. Multiple pots is a possibility, but it’s not currently in the early stage plans.

If you’re talking about additional cardholders-
We tested this at one point, but unfortunately we don’t have automatic ways of setting up and running additional cardholders on the account, so we’ve stopped doing it and will resume once we’ve sorted out the back end, which will be early-mid 2019.

If you’re talking having the journey card and the cashback card, ie the two Tandem credit cards that . we offer - I don’t think anyone does at the moment. As the cards have essentially the same benefits, except that one offers cashback and is generally cheaper APR, it would make more sense to cancel the journey card and only use the cashback card - and argue for a higher limit on that.

When we’ve made our own backend systems for the entire application process, we’ll be able to direct someone to the card that is more appropriate to them without having to do a hard check. We will also be able to proactively offer credit limit increases for customers that would benefit from and can afford it. This is again pencilled in for early-mid 2019.

(Daniel James) #40

Here’s a tantalising shot of our feature tree and plan for the coming quarters.

Orange post-its - the trunk - are the features we already have. Yellow ones are the ones to come.

More details to follow…

(Alejandro Mery) #41

a higher resolution (readable) picture would be amazing :wink: