Through their partnership with Mastercard, Bunq will be able to take use of the payment giant's Open Banking platform, allowing users to connect accounts from any bank to the Bunq app and receive a "complete overview of their finances" along with spending data from all of their accounts.

Additionally, Bunq's personal AI assistant, Finn, will be able to "enrich these insights" by combining transaction data from several banks, according to the business.

According to Bunq, this is the bank's first use of AI in open banking in Europe.

The online competitor claims to have witnessed a "surge in user engagement" since implementing open banking, noting that over 40% of customers who participated in the poll reported a notable rise in app usage after the capabilities were added.

Users in France, Germany, and the Netherlands may already use open banking features; at a later time, the bank intends to extend its services to the rest of Europe.

"Destroying financial scammers"

This week, Nvidia also said that Bunq and the company had teamed to use generative artificial intelligence (GenAI) to enhance the company's fraud and money laundering detection capabilities.

Neobank has chosen to speed up its data processing pipeline and run its AI-powered transaction monitoring system on Nvidia GPUs.

Moreover, Bunq, a California-based company, says that by utilizing the open-source Nvidia Rapids package of GPU-accelerated data science libraries, it trained its fraud-detection model about 100 times quicker.

According to Ali el Hassouni, head of data and AI at Bunq, "we chose NVIDIA's advanced, GPU-optimized software as it enables us to use larger datasets and speed the training of new models — sometimes by an order of magnitude — resulting in improved model accuracy and reduced false positives."

Additionally, the business is investigating the advantages of using Nvidia's NeMo Retriever product, a collection of GenAI microservices, in order to further improve the response accuracy of Bunq's Finn offering.

El Hassouni says, "Our collaboration with Nvidia on LLMs is poised to help us to take Finn to the next level and enhance customer experience. Our initial testing of NeMo Retriever embedding NIM has been extremely positive."