Dutch neobank bunq recently announced a partnership with NVIDIA to tackle financial fraud utilizing accelerated computing and AI.
To address the increasing demands of customers and the rise of fraud, bunq is leveraging generative artificial intelligence (GenAI). Established in 2012, bunq now serves 12 million customers and ranks among the largest neobanks in the European Union.
With NVIDIA’s advanced computing capabilities and GenAI, bunq has significantly enhanced its fraud-detection model, achieving nearly 100 times faster training speeds and improving the accuracy of fraud detection by 2.5 times compared to traditional rule-based methods.
“AI has enormous potential to help humanity in so many ways, and this is a great example of how human intelligence can be coupled with AI,” stated Ali el Hassouni, head of data and AI at bunq.
This partnership underscores bunq’s commitment to harness AI across its operations. At Money 20/20, they also announced a collaboration with Mastercard to develop an open banking and AI tool.
During an interview at Money 20/20, NVIDIA’s global business development lead for financial services, Kevin Levitt, remarked, “Bunq is super exciting for us, because they’re at the forefront in a lot of ways when it comes to financial services, banking, and financial empowerment. A big part of what we believe AI is doing in the ecosystem is enabling people to understand their financial journeys better and get access to the resources they need, while also helping institutions—like in bunq’s case—combat fraud more effectively.”
For insights into the challenges and opportunities that artificial intelligence presents to the banking sector, consider attending Finextra’s inaugural NextGenAI conference on November 26, 2024. Register your interest here.