Dutch Neobank bunq Partners up with NVIDIA to Use AI Against Financial Fraud

Seeking a new tool against financial fraud, the Dutch neobank bunq and NVIDIA recently announced a new partnership, whose advanced computing and AI capabilities can help combat fraudsters.

NVIDIA And bunq Team Up To Combat Financial Fraud

Financial fraud is a constant danger in the world of banking and finance in general. Bunq has seen a growing number of customer complaints regarding financial fraud and scams over the years, which led it to conclude that there is a growing need for an accelerating fraud landscape.

To address the matter, the Dutch bank teamed up with NVIDIA, believing that its generative artificial intelligence, or GenAI, can help tip the scales in the fight against financial fraud.

Bunq has been around for well over a decade, after being founded in 2012. Today, it serves more than 12 million users, and it is one of the largest neobanks across the EU. However, as online fraud continuous to evolve, so must methods of preventing it, which is why the bank decided to leverage NVIDIA’s accelerated computing and GenAI capabilities.

The bank said that this technology could increase its fraud-detection model’s training speed by almost 100x. Not only that, but it also improved the accuracy of fraud detection by 2.5x, compared to the traditional rule-based approach, which many in the industry still utilize.

The bank’s head of data and AI, Ali el Hassouni, said that artificial intelligence has enormous potential and that it could help humanity in countless ways. While some of them are obvious, many unexpected usages of AI are being discovered almost every day. Its use in detecting fraud, however, is a great example of how human and artificial intelligence can be combined and complemented.

Bunq Has Big Plans For AI Implementation

The new partnership announcement also represents the next step forward for bunq, which seeks to tap AI’s potential across all of its operations. During the recent Money 20/20, the bank also unveiled its new partnership with the card giant Mastercard.

This partnership also aims to create an AI-powered open banking tool. Meanwhile, NVIDIA’s global business development lead for financial services, Kevin Levitt, stated that the bunq partnership is very exciting for the company. NVIDIA sees the Dutch neobank as an entity at the forefront in a lot of ways in the context of financial services, financial empowerment, and banking.

“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,” he added.