TSB Bank Launches Money Saving Service

New money saving app from TSB bank aims to help with bill management and utilities

April 17, 2021
TSB Bank Launches Money Saving Service
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TSB Bank has announced that it is launching a new service as part of its banking app, which incorporates a bill management and utility switching service.

It comes after a trial last year with 10,000 customers which saw them save an average of £150 per year. Following this success, TSB has decided to proceed with rolling the feature out to all customers with the bank.

TSB Partners With ApTap

TSB worked with ApTap, a white-label fintech company, to create the tool and run the pilot last year.

In tests, TSB say that customers using the ApTap feature can switch energy or broadband provider within around five minutes, on average. A survey commissioned by the bank showed that around a third of the 2,000 respondents hadn’t changed energy provider within the last five years, but 40% of those would consider it if it was quick and easy.

Our partnership with ApTap gives our customers confidence to make informed choices about how best to spend their money. In just a few clicks they can compare and save on their regular monthly bills, helping to make their money go further.

Pella Frost, director, everyday banking, TSB

App-Driven Success

The new service as part of the banking app is just the latest in technological investments from TSB to make the lives of customers and staff easier.

In March, a new TSB Smart Agent was rolled out to all customers following another successful pilot scheme. This automatic chatbot handles around 3,500 conversations with customers every day across mobile and internet banking, helping to cut down on the number of phone calls into the business.

The service has over 50 automated responses to everyday queries around cards, payments and disputes.

As more and more customers bank and shop online, we have introduced TSB Smart Agent to our mobile banking app. Throughout the pandemic, it has proved a quick and helpful way of answering customer questions on internet banking.

Through our modern digital platform and strong partnership with IBM, we have again delivered cutting-edge technology to meet the changing needs of our customers in an increasingly digital age.

TSB’s Chief Operating Officer, Suresh Viswanathan

The software updates aren’t just customer-facing too. Twenty7Tec, a mortgage technology provider, have integrated their APPLY tool into TSB’s systems. This will allow mortgage advisors with the bank and independent brokers to submit applications much faster and with less manual data entry, ensuring a higher accuracy and faster turnaround time.

The key focus of the technology is to allow brokers who have already entered the customer data onto their system to submit it directly to TSB without re-keying it. The extra efficiencies will remove a potential roadblock from brokers who wish to work with the bank,

Ian Lewis
Ian Lewis
Ian is an experienced writer with 15 years’ experience working in journalism and marketing. He’s worked in-house in financial institutions as well as writing freelance pieces for a variety of banking and financial trading websites.
TSB

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Mentioned Banks

About TSB TSB is a UK-based retail and commercial bank. It is a subsidiary of the Sabadell Group. The TSB we know today came to be in 2013, formed from Lloyds TSB Scotland PLC and...
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