Digital bank bunq rolled out its generative-AI driven chatbot this week and expects the bot to automate most of its operations.  

Bunq launched the bot, Finn, on Dec. 20 and expects it to automate 90% of operations in 2024, a spokesperson from Amsterdam-based bunq told Bank Automation News.

“Finn is available to all users and effectively replaces the search function,” the spokesperson said. “With a chat-style text box where users can ask questions or seek advice about their bank account, spending habits, saving and anything else related to money, Finn will be familiar to anyone who’s ever used OpenAI’s ChatGPT.”

Finn understands context, answers advanced questions and combines data to give answers beyond finances, the spokesperson said. 

The chatbot was built in-house, on top of large language models from OpenAI’s GPT-4, Meta’s LLama, and Google’s Gemini, the spokesperson said. 

Challenger banks lean into gen AI 

Challenger banks are launching generative AI-driven chatbots at a faster pace than incumbent financial institutions to remain competitive.  

Digital banks are using AI not just to cut costs, but also to improve the customer retention rate, Muddu Sudhakar, chief executive and co-founder of AI-driven solutions provider Aisera, told BAN. 

Digital bank Dave this month launched DaveGPT, which can answer support questions, set up direct deposit and show transaction history, Chief Financial Officer Kyle Beilman previously told BAN.  

Dave selected Aisera to build DaveGPT, Beilman said. The chatbot was in beta testing for more than six months and can answer nearly 75% of customer inquiries, he said. 

Bunq’s Finn is in the beta stage and the digital bank is monitoring user feedback to improve the chatbot, the spokesperson said. 

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