Dutch neobank Bunq has announced two key partnerships to improve its offerings: one with Mastercard for a more comprehensive user experience, and another with Nvidia to combat fraud and enhance its AI assistant.
Open Banking Integration with Mastercard
Bunq’s collaboration with Mastercard leverages the payment giant’s Open Banking platform. This allows Bunq customers to connect accounts from any bank within their Bunq app, providing a holistic view of their finances and spending habits across all accounts.
Bunq’s AI assistant, Finn, will further enrich these insights by incorporating transaction data from multiple banks. Bunq claims this integration makes them the first European bank to leverage AI in Open Banking.
The digital challenger bank reports a significant increase in user engagement since adopting Open Banking features. A survey revealed that roughly 40% of users showed a substantial rise in app usage after the introduction of these features. Currently, Open Banking features are available in France, Germany, and the Netherlands, with plans for a wider European rollout in the future.
Combatting Fraud with Nvidia’s AI Technology
Nvidia revealed that Bunq is also leveraging their expertise in Generative AI (GenAI) to improve fraud and money laundering detection capabilities. Bunq utilizes Nvidia’s GPUs to power its AI-driven transaction monitoring system, significantly accelerating data processing.
The California-based company claims Bunq was able to train its fraud-detection model nearly 100 times faster by using Nvidia’s open-source Rapids suite of GPU-accelerated data science libraries.
“We chose NVIDIA’s advanced, GPU-optimised software because it allows us to utilize larger datasets and expedite the training of new models,” said Ali el Hassouni, Bunq’s Head of Data and AI. “This translates to improved model accuracy and reduced false positives.”
Furthermore, Bunq is exploring the implementation of Nvidia’s NeMo Retriever, a collection of GenAI microservices, to enhance the response accuracy of their AI assistant, Finn.
“Our initial testing of NeMo Retriever embedding NIM has been very positive,” el Hassouni explained. “Our collaboration with Nvidia on LLMs (Large Language Models) is poised to take Finn to the next level and significantly enhance the customer experience.”
These partnerships position Bunq at the forefront of innovation in the neobanking space, offering customers a more comprehensive and secure banking experience.
