Tandem - Fintech Q&A!

(Daniel James) #83

Thanks for the continued feedback, it’s always interesting to see exactly how Tandem fits into people’s daily life life this.

Here’s some answers to some particular things that people have mentioned in the last week.

Yup. We’re working on it as we speak. We hope to be able to offer paperless within a couple of months.

Yes - it’s a slightly different system from the normal ones. The trick is that to see the number you have to hold it against a white background. Agree this could be clearer as it’s obviously new to a lot of people.

Two points to make here. First is a general one that as a new lender, until we build up our knowledge base, it perhaps makes sense to be slightly more cautious in our equations of risk. We’re aiming to get the risk/lending exactly right, obviously, but I have heard a few people saying they got lower limits than they were hoping for. When you have fewer customers as you start out, one small mistake on assessing someone’s risk could have a bigger effect than when you have 100x as many customers.

The second point, which is actually more relevant, is that having other credit products with high limits does not necessarily help how you are viewed by a lender. While it obviously makes you feel like someone who is in the 10k limit kind of zone to have a 10k limit with Amex - the fact that you already have a 10k limit with Amex makes you riskier to lend to from a new lender’s perspective. If you max out all your existing cards (which a new lender has no control over) then there’s no guarantee from the new lender’s perspective that you would pay them back first or be able to pay them back. So you may simply have reached a level that is calculated as your affordable level - including your existing cards. Sorry if this sounds obvious, but a lot of people don’t understand that. You would almost certainly be offered a different credit limit if you got rid of all the other cards, not that I’m suggesting you do this - but hopefully you understand my point.

Thanks again for the details. We’re working on your points - Google pay will take a while, but it’s on the roadmap for this year. The app problems with updating affects certain banks more than others. We’ll be changing the way we get this data over the course of 2019, which should make it as ‘instant’ as your own bank. We currently use the same system as HSBC (called Yodlee) - so they’d have the same issues that we do occasionally with certain banks being slow to update. However, we’ll be moving to open banking apis over the course of the year, so this will lead to a much better experience in the end.

On your first point, I’ve asked what is stopping us from at the very least offering Mx as an option (I also personally don’t like gendered titles and would prefer to offer an alternative). The problem is that until we build all our own systems, we are reliant on certain outside systems that are in turn reliant on the old school titles for their security systems - it could potentially cause problems for confirming people’s identities with the systems as they were originally built. Your message was however a timely reminder to make sure that we build these possibilities into our own systems going forward, so thank you.

I made a little (slightly silly) behind the scenes video of the team at Tandem HQ - and our plans for 2019, so if you’re interested, you can see some of the faces who work here and find out what they’re excited about for the coming year: https://www.youtube.com/watch?v=q9Evib_bsF0

Remember you can always get in touch via DM at facebook.com/tandemmoney if you want a quicker response to something. :slight_smile:

(Dan Baker) #84

I have a simple feature request.

When making a foreign transaction. We get instant notifications of the price and exchange rate > this is great.

But when the transaction is ‘settled’ this can go up and down a little. It would be nice to get another notification saying something like: ‘Transaction Settled: AliExpress $15.27: £11.86.’

Hopefully phrased better, but something to indicate why our balance has changed a little if we haven’t spent any more. Monzo should do this too, if it doesn’t already!

(Daniel James) #85

Nice idea. I’ll pass it on to the app teams. Thanks!

(Dan Baker) #86

No problem, very happy with the card and the app!

Only issues are the standard ones like Apple Pay and Paperless Statements. Both of which should be coming later this year which would make a good service a great one.