Amsterdam-based challenger bank bunq, which claims to be the second largest neobank in the European Union, has become the first AI-powered bank in the region with the launch of its own Gen AI platform. Called Finn, this platform is powered by large language models (LLMs) from OpenAI and Meta.
bunq’s Finn, a gen AI platform
It is designed to replace the search function on the bunq app and help users plan their finances, better budget, navigate the app, easily find transactions, and much more. help users plan their finances, make better budgets, and easily find transactions.
Similar to ChatGPT, Finn features a chat-style text box where users can ask questions or get advice related to their bank account, spending habits, savings, and other aspects related to money.
As per the company, Finn gives answers to questions such as “What is the average amount I spend on groceries per month?” or “How much did I spend on Amazon this year?”. It can even combine data to answer questions that go beyond transactions, such as “What was that Indian place I went to with a friend in London?”.
Commenting about the generative AI chatbot Finn, bunq founder and CEO Ali Niknam said, “Finn will wow you. Years of AI innovation, coupled with a 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.”
€44.5M growth capital
In July this year, bunq secured an additional €44.5 million in growth capital. This brings the total capital injected into the Dutch fintech this year to nearly €100 million. The investment came from founder Ali Niknam, Pollen Street Capital, and Raymond Kasiman. It plans to use the capital to allow it to further accelerate its international expansion and continue its rapid growth.
First Dutch bank to embrace tech
While it is the first bank in Europe to launch a gen AI platform, it is also the first Dutch bank to embrace tech. It introduced ‘4 Fingers Touchless ID’, making payments easier and more secure. An advantage of the system is to use biometrics without the need for a reader built into your phone.
bunq’s banking app uses VeridiumID and its hand recognition software, 4 Fingers TouchlessID to authenticate users. The technology can be applied to any modern smartphone with at least a five-megapixel camera and flash, not just those with fingerprint sensors.
