Amsterdam-based Bunq, the second-largest neobank in Europe, has officially launched Finn, its Generative AI (GenAI) platform which allows users to query their own spending information.
Finn can interact with customers on questions such as “How much money did I spend on my trip to New York?” The AI platform will enable bunq users to plan their finances, better budget, navigate the app, easily find transactions and much more.
Finn is powered by bunq’s own technology, using the most powerful large language models (LLMs). These innovative features establish bunq as a trailblazer in Europe’s AI-powered banking sector, embracing and integrating advanced AI technologies.
“Finn will wow you,” says Ali Niknam, founder and CEO of bunq. “Years of AI innovation, coupled with laser focus on our users, allowed us to completely transform banking as you know it. Seeing Generative AI make life so much easier for our users is incredibly exciting.”
With Finn’s cutting-edge GenAI technology, bunq aims to redefine user-centric banking, offering a seamless and intuitive experience for its 11 million users across the European Union.
Finn is like using ChatGPT for finances
Similar to the conversational style of OpenAI’s ChatGPT, Finn features a chat-style text box, enabling users to ask questions or seek advice related to their bank account, spending habits, savings, and more. The platform can handle advanced inquiries such as tracking monthly grocery expenses or providing a detailed breakdown of Amazon spending throughout the year.
The launch of Finn follows bunq’s impressive growth, hitting 11 million users and achieving a 55% increase in user deposits, now totaling 7 billion euros since July 2023. bunq’s strategic use of AI has played a pivotal role in the neobank’s rapid expansion across Europe, putting it in the league with tech giants Google and Amazon at the forefront of the AI revolution in finance.
Founded in 2012 by Ali Niknam, bunq rapidly became the EU’s second-largest neobank, prioritizing user-centric banking. The bank’s achievements include obtaining the first European banking permit in 35 years, a record-breaking €193 million series A round, achieving profitability in 2022 and acquiring Brussels-based fintech TriCount.
Targeting digital nomads, bunq’s innovative approach to finance, marked by a user-focused model, propelled its growth. In 2023, bunq announced plans to enter the US market and return to the UK.
What is a Neobank?
“Neo” means new. Neobanks, sometimes called “challenger banks,” are fintech firms that offer banking services digitally. Since these banks operate entirely online without any physical location, they provide digital-only banking with lower fees and more competitive interest rates than traditional institutions.
Neobanks or fintech banks offer apps, software and other technologies to streamline mobile and online banking. Some of the top global neobanks are Chime,Current, Monzo, Revolut, Nubank, SoFi, and N26.
