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Alan Cole, VP of Engineering

CARD AI: The future of saves

An open letter from our VP of Engineering

Making it happen, no matter who you bank with 🏦

Where are Monzo and Starling you ask? Coming - and with a whole lot more.

You will soon be able to use Chip with any UK current account, and we are so excited…

How we got here 🔬

After monitoring the progress of Chip 2.0 card saves, my team and I realised we had created a far more efficient version of our app than the old direct debit save method.

We wondered if there was a way we could give every consumer in the UK the opportunity to use our new and improved tech. There was.

Our product and data teams have been slaving away, and we are soon going to release what we’re calling ‘Card AI’ - the future of Chip saves.

How are we going to do it? Check out some of the key changes below.

What will change? 💳

New Chip users will only have to connect their card to start saving with Chip. No seven day wait for a direct debit to be set up, or money to process. You want to save? Let’s get cracking.

Existing users will be able to come into live chat and we will change the linked bank account to the new for you.

How do we know how much to save? 🤖

Two years doesn’t sound like a long time, but in the world of financial data, it is. We’ve analysed 160,000,000 transactions through Open Banking API’s for over 100,000 accounts.

We ran this data against different demographics; age, location, income, previous saving, and withdrawal behaviour, so our AI can generate a recommended save amount for you by matching your profile against similar savers.

However, once you fully connect to your bank account using your full credentials, our AI will still tailor the saves using tried and tested Chip magic.

Will it still save me just the right amount? 💸

So the beauty of Chip is you don’t really feel your automatic saves leaving your bank account. We’ve been very careful not to tamper with this formula.

We’ve tested the Card AI on savers from a variety of demographics over the past month. Our data shows that cancellation rates were no higher than with Direct Debit saves.

In fact, since we launched instant saves through card connection alone, we have noticed a drop in cancelled saves by nearly 20%. Anecdotal evidence from our Customer Success team suggests this is because savers now have more control over their money.

You have the power ⚡️

It’s not only the safety of an instant save that has reduced cancellation rate. You can still change your saving level to tailor the AI to save more or less for you, depending on how you feel.

Withdrawals 💪🏼

If you’re a new Chip savers (or if you switch your connected bank account) you will still need to connect your main bank account to withdraw (this is an anti money laundering measure!).

We will just need the bank account and sort code, as well as a picture of a statement so that we can maintain our security standards.

This may take a couple days, but once you’re set up you’ll be able to withdraw the same day, like every other Chip user.

When is this being released? 📆

My engineering team as well as our data and product teams are working full steam to get this done, and if all goes well we are aiming to have everything up and running before the end of June.

Let me know what you think in the Slack channel, we will be happy to answer any questions you have.

Alan.
VP of Engineering.