Tandem customers will be given the opportunity to sign up to be part of a new group of co-creators and the bank will feed their input into the design phase of the mortgage, serving the consumer directly.
The crowd-designed mortgage will be launched in the UK in 2020 after testing at the end of this year. Tandem will also leverage Open Banking to implement a new credit scoring method based on the customer’s aggregated financial data to establish a detailed picture of their spending, saving and borrowing habits, ultimately offering mortgages to people not have been accepted by other lenders.
