Leading digital challenger bank Tandem announces its commitment to the 2025 FinTech Pledge, a cross industry initiative aimed at bolstering consumers’ financial resilience in the face of the cost of living crisis.
Pledgees hope to drive 10 million consumer actions by 2025 that build up the financial resilience of UK consumers.
The 2025 Fintech Pledge centres these actions across four main areas:
1. Savings: such as transforming savings from low to high interest-yielding accounts and set up ‘pots’ to maximise customers’ savings.
2. Credit building: such as signing up to a credit building tool to access better value financial products.
3. Debt consolidation: such as using a debt consolidation tool to analyse how much you could be saving to reduce your financial obligations over time.
4. Utility marketplaces: such as identifying cheaper utility deals on a digital marketplace to save money on month-to-month payments.
Commenting on the pledge, Tandem’s CEO, Susie Aliker, said: “With no clear end to the current economic turmoil in sight, the 2025 Fintech Pledge presents a unique opportunity to harness the collective might of the fintech industry for the benefit of the everyday consumer.
“We’re focussed on helping our customers bank for a greener future and are therefore delighted to pledge our support with other fintechs to help support and bring material change to customers’ lives.”
Launched in 2014 as one of the UK’s original challenger banks, Tandem is primarily focussed on helping households reduce their carbon footprint. The 2025 Fintech Pledge is yet another step the bank is taking in evolving its propositions to support its customers across a range of simple products, including savings, home improvement loans, mortgages, and motor financing.
Jaidev Janardana, CEO at Zopa Bank said: “With the UK facing an unprecedented cost-of-living crisis, households need to use every tool at their disposal to build long-term financial resilience. This industry pledge – the first of its kind – will unite a wide variety of companies in one goal of driving positive financial actions for millions living in the UK. We’re delighted to be working with a growing coalition of UK fintechs, their partners, and charities as we begin this journey.”
As well as providing a senior sponsor for the pledge to drive internal support, Tandem will join other pledgees, such as Google Cloud, Zopa Bank, ClearScore, and Hargreaves Lansdown, in supporting the pledge and identifying other routes to better support and improve customer behaviours across these key areas.