Bunq rolls out its own generative AI chatbot to answer any money-related questions
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Bunq, a Dutch fintech and neobank, recently rolled out its own generative AI chatbot. According to the company, the new GenAI platform was launched in order to provide current and future customers with answers to any questions related to money and finance.
🌟 We're thrilled to introduce Finn, your personal AI money assistant. Finn is here to make your life easy and answer your questions about the bunq app, your spending, and more. Try it out and let us know what you think! 🤖💬https://t.co/FvDxfPlDys pic.twitter.com/jSHTXFhcWM
— bunq (@bunq) December 19, 2023
Introducing Finn, Bunq’s own GenAI chatbot
The Dutch neobank is quite proud of its new product, saying that it will “wow” the customers with its abilities. The chatbot was built using open large language models (LLMs) from Google, Meta, and OpenAI.
Its name is Finn, and the bank has used it to replace the search function within its app. However, Finn is more than just a new search feature — it comes with a chat-style text box where users can type in their questions, even if they only seek advice about their bank account, savings, spending habits, or anything else that is related to money.
Finn also provides answers to some more advanced questions, such as the average amount that the user spends on groceries per month. It can even tell you how much you spent on Amazon this year, and alike.
On top of that, the new GenAI chatbot can combine data to answer questions that go beyond simple transactions. For example, you could ask it about a specific place you visited in the past, or how much you spent at a specific real-world location on a specific date.
As such, the tool has countless potential uses, and Bunq seems quite confident that its customers will be very impressed.
The challenger bank has bet big on AI, using it to grow into the second-largest neobank in the entire Europe. Right now, it has over 11 million users, and it has seen a 55% increase in deposits since July 2023, hitting a total of around 7 billion EUR.
Finn will “transform banking as you know it,” says CEO
The bank’s chief executive, Ali Niknam, commented on the chatbot’s rollout, stating: “Finn will wow you.” Niknam noted that the bot is the result of multiple years of AI innovation, coupled with a laser focus on the users.
This dedication to developing a perfect tool for tracking one’s financial history and gaining access to any finance-related data within seconds allowed Bunq to completely transform banking, as the CEO says. Niknam also added that seeing generative AI make life so much easier for the users is incredibly exciting for the bank and its team.
“For competent AI people, it is not that difficult [to build an LLM chatbot], but to make something that is good, and to make something that can answer questions that are more insightful, more intelligent, than simply getting a bunch of transactions and adding them together — that is very complicated,” he noted.
