Amsterdam, December 19, 2023 – In a groundbreaking move, bunq, the second largest neobank in Europe, has unveiled Finn, its proprietary Generative AI-driven platform, positioning itself as the first AI-powered bank on the continent. With Finn, bunq aims to redefine user-centric banking, leveraging the power of advanced Generative AI technology to provide an unparalleled banking experience for its 11 million users.
Finn, powered by cutting-edge Large Language Models (LLMs), replaces traditional search functions within the bunq app, empowering users to seamlessly plan their finances, enhance budgeting strategies, navigate the app effortlessly, and easily locate transactions. Ali Niknam, the visionary founder and CEO of bunq, expressed his enthusiasm for the transformative impact of Generative AI on user experience, stating, “Finn will wow you. Years of AI innovation, coupled with a laser focus on our users, allowed us to completely transform banking as you know it.”
Similar to OpenAI’s ChatGPT, Finn features a chat-style text box enabling users to ask detailed questions about their bank accounts, spending habits, savings, and other financial aspects. The platform can provide sophisticated answers to queries such as average monthly grocery expenses or annual spending on specific platforms like Amazon. Beyond transactions, Finn can amalgamate data to address more complex questions, like recalling specific places visited or expenditures made at particular locations.
bunq’s aggressive push towards international expansion is supported by AI, with the company boasting a substantial user base of 11 million and deposits reaching 7 billion euros, reflecting a remarkable 55% growth since July 2023. The success of bunq’s AI implementation has played a pivotal role in its rapid expansion across Europe.
Unveiled during bunq Update 24, the neobank also introduced features tailored to digital nomads and international businesses, including the provision of free credit cards that can be obtained within five minutes and immediately utilized through Apple or Google Pay.
Moreover, bunq unveiled the “Tap to Pay” functionality, allowing every Business user to transform their iPhone into a portable payment terminal, facilitating on-the-go payment acceptance. This feature is accessible to all bunq users, emphasizing the neobank’s commitment to providing innovative solutions for its diverse user base.
As bunq emerges as the vanguard in AI-powered banking, joining the ranks of tech giants like Google and Amazon, Finn stands as a testament to the transformative potential of Generative AI in the financial sector, offering users a dynamic and personalized banking experience.