Bunq ‘redefines’ banking with new generative AI-powered platform

European neobank Bunq has launched a generative AI-driven platform which gives users answers to “advanced” questions about their finances and transactions.

The new generative AI platform, called Finn, has been designed to replace the search function on the app and “redefines user-centric banking”, according to Bunq.

Ali Niknam, founder and chief executive officer of Bunq, (pictured) has claimed that “Finn will wow you”.

The neobank also revealed it has hit 11 million users across Europe, with user deposits up 55% since July 2023, to €7 billion.

Users of Finn can use the “chat-style text box” to ask questions and seek advice about their bank account, spending habits and saving.

However, Bunq said Finn can also answer questions that “go beyond transactions”, such as “How much did I spend at the café near Central Park last Saturday?”.

“Years of AI innovation, coupled with laser focus on our users, allowed us to completely transform banking as you know it,” added Niknam.

“Seeing Generative AI make life so much easier for our users is incredibly exciting.”

Bunq secured an additional capital injection of €44 million in July this year, to fund its international expansion, with an eye on the US market.

At Open Banking Expo UK and Europe in October, Salt Edge and Lloyds Banking Group discussed generative AI, as well as other emerging technologies in a panel debate moderated by Georgios Kolovos, director, payments and artificial intelligence at ExploreAI.