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Online bank Tandem granted banking licence

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Start-up digital retail bank Tandem has received authorisation by the Bank of England ahead of its launch in 2016.

The bank will offer a range of digital services and products encompassing current accounts, credit cards, savings and loans. It has not confirmed whether it will be offering mortgages to customers.

Tandem is launching on the premise of its vision for ‘good banking’ in retail financial services. It is is the fifth bank to gain a banking licence this year and the 21st since 2012, the Financial Conduct Authority confirmed.

Co-founder of Tandem, Ricky Knox said: For too long, traditional banks have made money at their customers’ expense – for example by letting them borrow long term on credit cards, or not advising them to move money into newer savings products carrying higher interest rates.

“We want to build a bank that challenges this model by putting our customers’ interests first and by working in Tandem with them as their partner in money. It means we can be a bank that truly champions its customers, and we plan to prove it at every point.”

The bank plans to improve customer service by using big data and new mobile technology. It will send out reminders to help customers avoid missing payments and entering their overdraft, while sourcing the best rates and services for their particular needs.

It said that in these circumstances, it would even point customers to other banks’ products where appropriate.

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