In an innovative leap forward, Dutch neobank bunq has announced a strategic partnership with NVIDIA to combat financial fraud using accelerated computing and generative artificial intelligence (GenAI). Established in 2012, bunq serves over 12 million customers, positioning itself as one of the European Union’s largest neobanks.
This groundbreaking collaboration enables bunq to address the increasing complexity of the fraud landscape by harnessing NVIDIA’s cutting-edge AI technology. By leveraging NVIDIA’s accelerated computing capabilities and GenAI, bunq has dramatically enhanced its fraud detection systems, achieving a nearly 100x increase in training speed and a 2.5x improvement in detection accuracy compared to traditional rule-based approaches.
“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 is a significant milestone in bunq’s ongoing quest to utilize AI across its operations. At the recent Money 20/20 conference, bunq also unveiled a partnership with Mastercard to develop an open banking and AI tool.
Speaking to Finextra at Money 20/20, NVIDIA’s Global Business Development Lead for Financial Services, Kevin Levitt, commented: “Bunq is super exciting for us because they’re at the forefront in many 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.”
