Science & Technology

Bunq Unveils GenAI-Platform

Dutch neobank launches a Generative AI-driven platform to replace the outdated search function on its banking app.

Bunq Unveils GenAI-Platform

Dutch challenger, digital bank Bunq has announced the new launch of its new Generative AI-powered platform called Finn.

Finn is based on the neobank’s proprietary technology. Its main functions are customer assistance in planning their finances, improving their budgeting patterns, navigating the app, easily finding previous transactions and more.

Finn’s interface is similar to popular GenAI chatbots like ChatGPT. The tool offers a simple chat-style text box where users can ask questions about their spending habits, transaction history or bank account. Customers can also get the bot’s advice regarding saving, budgeting and anything else related to money.

For instance, Bunq’s new AI tool can calculate your average monthly spending amount, estimate how much you’ve spent in a certain category or at a particular store in a given period, help you find the name of a retailer or restaurant where you made a certain purchase, or quickly sum up your total credit/savings amount.

According to the announcement, the proactive use of AI tools has helped Bunq in its rapid expansion across Europe. The neobank claims to have 11 million users across the EU now, having grown its user deposits (which now stand at 7 billion euros) by 55% since July 2023.

Besides the GenAI-Platform, Bunq introduced several new product updates at bunq Update 24 in DeLaMar Theater in Amsterdam.

The neobank will now offer free credit cards to its clients. They can be received within the shortest 5 minute-term and are instantly usable through Apple Pay or Google Pay wallets.

Additionally, all bunq users will get free access to Apple’s Tap to Pay functionality. This SoftPOS solution enables every business owner to turn their iPhone into a payment terminal and accept payments on the go. This service is really helpful for small business owners, allowing them to save money and stay flexible with their retail channels.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.