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bunq first bank in Europe to leverage AI in open banking with Mastercard

6 iunie 2024

Open banking features for bunq users are now available in the Netherlands, France, and Germany and will scale further across Europe.

bunq, the second largest neobank in Europe, has partnered with Mastercard to offer its 12.5 million users across Europe a complete overview of their finances. This is achieved by leveraging Mastercard’s Open Banking platform, which allows users to add accounts from any bank to their bunq app.   

„With this integration, bunq users can now get spending insights from all their bank accounts directly within the bunq app, enabling them to budget more effectively and plan ahead. Further enhancing the user experience, bunq’s world leading AI money assistant, Finn, will enrich these insights with transaction data from multiple banks.” – according to the press release.

„For instance, users can ask Finn for a complete overview of their travel expenses in the last year, and it will retrieve travel-related transactions from both bunq and any external banks. In that way, bunq becomes the first bank in Europe to leverage AI in open banking.” – the company explained. 

Thanks to open banking, bunq has seen a surge in user engagement, with nearly 40% of their surveyed users reporting a significant increase in their use of the app within two weeks of launch. With more people in Europe preferring to have more than one bank account, the new features take the hassle out of managing multiple bank accounts and advance open banking among bunq’s user base across Europe. 

Also, bunq has partnered with NVIDIA to fight financial fraud with generative artificial intelligence (GenAI). bunq announced they have been able to increase their fraud-detection model’s training speed by nearly 100x and have improved the accuracy of fraud detection 2.5x compared to the rule-based approach traditionally used in the industry.

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?