Bunq and Mastercard use AI in open banking

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Bunq and Mastercard use AI in open banking

Europe’s second largest neobank, bunq, in cooperation with Mastercard, will provide 12.5 million users across Europe with full access to view their financial transactions. This is made possible through the use of the Mastercard Open Banking platform, which allows users to add accounts from any bank to their bunq app.

Artificial intelligence

With this integration, bunq users can now get spending information from all their bank accounts directly in the bunq app, enabling them to manage their money more efficiently and plan ahead. To further enhance the user experience, bunq’s world-leading financial AI assistant Finn will supplement this information with transaction data from other banks.

For example, users can ask the AI assistant to provide a complete overview of their travel expenses over the past year, and it will display data on travel-related transactions – both from bunq and other banks. Thus, bunq became the first bank in Europe to use artificial intelligence in open banking.

bunq став першим банком у Європі, який використає штучний інтелект у відкритому банкінгу

Open banking

Bunq notes a rapid increase in user engagement thanks to open banking: almost 40% of customers surveyed by Neobank reported that they began using the app more often within two weeks of its launch.

As more and more people in Europe prefer to have more than one bank account, the new features make it easier to manage multiple accounts and help popularize open banking among bunq users across Europe.

“Our users live a life without barriers, easily combining home, work, and travel,” says Bianca Zwart, bunq’s HR manager.

According to her, the bunq app takes into account the lifestyle of users, and the combination of Mastercard Open Banking with the world’s leading artificial intelligence platform bunq opens up endless possibilities for improving the customer experience.

Availability

“We are delighted to support a leading neobank like bunq as it is a great example of how the multiple benefits of open banking and artificial intelligence can deliver an exceptional user experience,” said Bart Willert, Executive Vice President, Global Open Banking, Mastercard.

In his opinion, this cooperation demonstrates a strong platform and presence across Europe, as well as opportunities for scaling through the global open banking network.

Currently, open banking features for bunq users are available in the Netherlands, France and Germany, and will be scaled up across Europe in the future. bunq and Mastercard announced their partnership at the leading European event Money 20/20 in Amsterdam.

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