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Dutch neobank bunq upgrades ChatGPT-like GenAI assistant; enters travel insurance market

bunq founder
Picture credits: bunq

Amsterdam-based challenger bank bunq, which claims to be the second largest neobank in the European Union, has upgraded its GenAI assistant Finn to make it “fully conversational” and rolled out a travel insurance product. This comes after raising €29 million from existing backers to finance its UK and US expansion.

Exploring further into AI

Talking about the upgrade to Finn, bunq continues to push the industry forward by pioneering Europe’s first AI-driven banking experience. It can now answer back-to-back questions and provide deeper insights into users’ finances at twice the speed.

Finn will tackle users’ questions regarding their bank accounts and spending habits, as well as recommended places to visit in new cities including cafes, restaurants, and bars, based on reviews by other bunq users. The upgrade also unlocks conversational capabilities that set Finn apart from other chatbots. Besides engaging in natural conversations and storing the history of users’ interactions with Finn, the AI assistant will serve as an extension of the bunq app, providing personalised and context-rich answers.

As per the company, after replacing the search function in the app, bunq uses AI to handle user support questions. As of now, Finn is solving up to 40% of user support questions, and assisting with 75%, every day, helping users tackle any issues they might have while using bunq. Since its launch in December 2023, the AI assistance has answered over 100,000 questions since December 2023, 

Travel insurance for international commuters

Besides making Finn fully conversational, bunq has expanded into the travel insurance market, taking the next step in its mission to build a full-service neobank for digital nomads worldwide. Designed to tackle the challenges faced by travellers when re-purchasing travel insurance for every trip, the Dutch company now offers automatic worldwide coverage for anyone on the Easy Bank Pro XL plan. Users simply activate the feature once and enjoy coverage for all future trips.

It has launched its insurance offering in partnership with Qover, a global embedded insurance provider. Insurance claims can be filed right in the app, via the link to Qover. Unlike many other travel insurance products, the company’s travel insurance will cover car rental, dental, and loss of personal items for up to €1M. 

Both announcements come amid strong growth, as the neobank’s total user base surges past 12.5 million, and its deposits climb to over €8 billion.

Ali Niknam, founder and CEO of bunq said: “At bunq, we use the latest tech to make our users’ lives easy. We’re thrilled to see so many of our users embrace Finn in their daily lives and can’t wait for them to have a chat with the all-new Finn. We’re making travel insurance effortless. It’s exactly the peace of mind we want our users to have, whether they spend, save or travel with bunq.” 

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