Dutch neobank bunq this week announced their partnership with NVIDIA to combat fraudsters with the help of accelerated computing and AI.
In a bid to address growing customer needs and an accelerating fraud landscape, bunq has partnered with NVIDIA to fight financial fraud with generative artificial intelligence (GenAI). Founded in 2012, bunq today serves 12 million customers and has become one of the biggest neobanks in the European Union.
By leveraging NVIDIA accelerated computing and GenAI, bunq announced they have been able to increase their fraud-detection model’s training speed by nearly 100x and have improved the accuracy of fraud detection 2.5x compared to the rule-based approach traditionally used in the industry.
“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,” said Ali el Hassouni, head of data and AI at bunq.
This partnership announcement is another step forward as bunq seeks to tap AI’s potential across its operations. At Money 20/20, bunq announced another partnership with Mastercard to create an open banking and AI tool.
Speaking to Finextra at Money 20/20, NVIDIA’s global business development lead for financial services, Kevin Levitt, said: “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, get access to the resources they need, and it’s also doing great things on behalf of institutions - like in the case of bunq, fighting fraud more effectively.”
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