NVIDIA and bunq, a prominent European neobank, have partnered to enhance fraud detection and combat financial fraud using generative AI.
Bunq, known as “the bank of the free,” offers a fully online banking experience, catering to over 12 million customers with 8bn euros in deposits.
The partnership aims to address the increasing need for advanced fraud detection methods. Bunq’s automated transaction-monitoring system, powered by NVIDIA’s accelerated computing technology, significantly enhances the speed and accuracy of detecting fraudulent activities and money laundering.
NVIDIA specialises in GPU-accelerated computing, which enhances data processing and AI model training. Their AI Enterprise software platform includes the RAPIDS suite, which bunq used to accelerate its fraud detection model training by nearly 100 times compared to previous methods. This collaboration allows bunq to process larger datasets more efficiently, improving model accuracy and reducing false positives.
Bunq, founded in 2012, was the first new bank to obtain a European banking license in over three decades. It offers a range of online banking services through its app, eliminating the need for physical bank visits. By integrating NVIDIA’s AI technology, bunq aims to scale its fraud detection system and improve overall operational efficiency.
Additionally, bunq is exploring AI applications across its operations. Ali el Hassouni, head of data and AI at bunq, highlighted their use of AI in handling user tickets, detecting fake IDs during onboarding, and automating marketing efforts. The personal AI assistant, Finn, powered by bunq’s proprietary large language model, answers user queries and helps enhance customer experience.
Bunq is also testing NVIDIA NeMo Retriever, a collection of generative AI microservices, to further improve Finn’s accuracy and enhance their customer service.
Ali el Hassouni said, “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.”
He added, “We chose NVIDIA’s advanced, GPU-optimized software, as it enables us to use larger datasets and speed the training of new models — sometimes by an order of magnitude — resulting in improved model accuracy and reduced false positives.”
On bunq’s broader AI initiatives, el Hassouni remarked, “We’re constantly looking for new ways to apply AI for the benefit of our users.”
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