"We’re once again turning to our community to shape a new financial product, this time a crowd-designed mortgage."
Tandem says it wants consumers to share their personal must-haves which it will then feed into the design phase of the mortgage. This will then be tested with a small group of customers by the end of 2019 before a full UK launch in 2020.
Enabled by Open Banking, Tandem is also developing a new method of credit scoring based on a customer’s aggregated financial data through its advanced banking app.
Tandem gained a banking license in January 2018 following the purchase of Harrods Bank, giving Tandem access to Harrods Bank customers and £80 million of capital, alongside a £375 million mortgage book and over £400 million of deposits.
Ricky Knox, CEO a Tandem Bank, said: “We’re once again turning to our community to shape a new financial product, this time a crowd-designed mortgage. Many people feel like they’re priced out of the housing market or don’t have the credit record to get a favourable mortgage. We plan to address that."
Nick Bennett, chief operating officer at Tandem Bank, added: “Tandem is building a mortgage proposition that reflects the changes that are happening in the sector whilst challenging some of the established ways of doing things. We’re looking at new and intelligent ways of assessing whether a potential customer is creditworthy as well as ensuring our mortgage offering meets the needs of today’s consumers rather than taking a traditional approach. This is why we’re keen to have as much input as possible from the public on ways in which we can improve the current market offering.”
