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Bunq (BNK) uses generative AI to combat financial fraud
European neobank Bunq is leveraging generative AI to combat financial fraud, significantly improving the efficiency of its fraud detection systems. Using NVIDIA accelerated computing technology, Bunq improved its model training speed nearly 100 times, according to NVIDIA Blog.
Faster fraud detection
Bunq, which has more than 12 million customers and holds deposits totaling €8 billion, has implemented a highly efficient transaction monitoring system powered by AI. This system, supported by NVIDIA GPUs, accelerates data processing pipelines by more than five times compared to traditional methods.
Ali el Hassouni, head of data and AI at Bunq, emphasized the importance of AI in combating financial fraud, a persistent problem in the digital banking sector. Unlike traditional rule-based systems that rely on manually defined criteria and result in high false positive rates, Bunq’s AI system employs supervised and unsupervised learning. This approach not only automates the process but also makes it easily scalable.
By leveraging the open source NVIDIA RAPIDS suite of GPU-accelerated data science libraries, Bunq has achieved a dramatic increase in the training speed of its fraud detection models. “We chose NVIDIA’s advanced, GPU-optimized software because it allows us to use larger datasets and speed up training new models – sometimes by an order of magnitude – resulting in greater model accuracy and reduced false positives,” said el Hassouni.
Bank-wide AI
Bunq is expanding AI capabilities across its operations. The bank’s proprietary large language model and generative AI power Finn, an AI personal assistant available to Bunq customers. Finn can answer users’ questions about their spending and transaction history, improving customer service.
Additionally, Bunq is exploring the NVIDIA NeMo Retriever to further improve Finn’s accuracy. NeMo Retriever, part of NVIDIA NIM inference microservices, provides models as optimized containers, available with NVIDIA AI Enterprise. “Our initial testing of the NeMo Retriever incorporating NIM has been extremely positive, and our collaboration with NVIDIA on LLMs is poised to help us take Finn to the next level and enhance the customer experience,” added el Hassouni.
In addition to fraud detection and customer service, AI also supports Bunq’s marketing efforts by analyzing consumer engagement metrics to inform future campaigns.
Bunq’s commitment to utilizing AI technology underlines its mission to create a borderless banking experience, always putting the user first. As the digital banking landscape evolves, Bunq’s integration of advanced AI technologies positions it at the forefront of innovation in the financial services sector.
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