Mastercard and bunq Form Strategic Partnership to Launch Open Banking and AI Solution at Money 20/20 Europe
Mastercard and bunq have unveiled a collaborative initiative aimed at developing an innovative open banking and AI tool during the Money 20/20 Europe event.
The newly introduced open banking functionality is currently active in the Netherlands, France, and Germany, with plans for expansion across Europe. This feature empowers bunq users to seamlessly link their external bank accounts within the bunq app.
In a conversation with Finextra, Bianca Zwart, Bunq’s Chief of Staff, and Bart Willaert, Executive Vice President at Mastercard, shared insights on this advancement. Zwart stated, “This integration provides our users with a comprehensive view of their finances by allowing them to incorporate any external bank accounts into their app. This is already impressive, but we are also enhancing the experience with AI.”
The initiative is set to benefit approximately 12.5 million users. Mastercard spearheads the open banking component, while bunq incorporates AI capabilities through their generative AI chatbot, Finn, which was launched at the end of the previous year.
Willaert remarked, “This represents a valuable application, simplifying the financial management process for bunq customers. Open banking streamlines the data-sharing process, allowing for consensual sharing while ensuring consumers maintain control over their financial oversight. Bunq has effectively leveraged AI to enhance this experience.”
Looking ahead, Zwart emphasized the limitless potential that open APIs present, particularly for their target demographic, which includes expatriates and digital nomads who often juggle multiple bank accounts. “We aim to alleviate the complexities associated with managing multiple financial accounts,” she noted.
This initiative positions bunq as the first Dutch bank to embrace open banking. The fintech has reported a significant uptick in user engagement, with nearly 40% of surveyed users indicating an increase in app usage within two weeks of the feature’s launch.
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