Neobank Bunq is the first in Europe to use AI in banking
European countries have a reputation for being rather conservative in terms of innovation. However, there has been significant progress in recent years, including in the fintech sector. A significant development has been the integration of Mastercard’s functionality into Bunq’s banking service.
Features of the cooperation between the companies
Bunq is the first neobank in Europe. The project has its roots in the Netherlands and is in operation in 30 EU countries. In the summer of 2024, it launched open banking with the Mastercard payment system. The new service allows customers to:
– track spending across all accounts used;
– simplify the management of financial transactions;
– effectively control costs and fees.
Moreover, the cooperation between the companies is an important step in developing the fintech sector in Europe. It contributes to the expansion of open banking opportunities in the region.
Bunq has integrated Mastercard’s platform into its service as part of the collaboration. This allows customers to add accounts opened with other banks to the app. This innovation makes it possible to track financial transactions, regardless of the bank that carries them out.
This functionality is available to all Bunq customers, around 12.5 million. In addition to the integrated platform, the fintech offers its own AI assistant, Finn. The robot informs users about account balances and transactions, including those from other banks. It also provides various information about expenses and income. In addition, the assistant can be the source of data for any period of time.
Benefits of innovation
It is worth noting that using artificial intelligence for open banking is a new phenomenon in Europe. Bunq was the first financial institution to introduce this innovation into its processes. The service was initially available in Germany, the Netherlands and France. However, customers from other European countries will soon be able to use it. In addition, Bunq plans to expand its activities in the region, and the cooperation with Mastercard is a big step in this direction.
Bart Wheeler, a representative of the payment system, is very optimistic about the start of the partnership. In his opinion, Bunq has excellent potential for developing fintech services. In addition, using AI in open banking will help significantly improve the user experience. This, in turn, increases Bunq’s competitiveness and position in the market. The integration of the platform has already delivered results. Just two weeks after launch, Bunq has seen increased user activity. They started using the app more often and checking their account status.
For Mastercard, working with neobank also has its advantages. It allows the payment system to expand its activities in the region. In addition, the partnership contributes to developing a global open banking network.
