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bunq first bank in Europe to leverage AI in open banking with Mastercard

The neobank’s collaboration with Mastercard is set to give users spending insights across all their bank accounts and power its personal financial management features while advancing open banking in Europe.

June 4th, Amsterdam, The Netherlands [Money 20/20 Europe] – bunq, the second largest neobank in Europe, has partnered with Mastercard to offer its 12.5 million users across Europe a complete overview of their finances. This is achieved by leveraging Mastercard’s Open Banking platform, which allows users to add accounts from any bank to their bunq app.

With this integration, bunq users can now get spending insights from all their bank accounts directly within the bunq app, enabling them to budget more effectively and plan ahead. Further enhancing the user experience, bunq’s world leading AI money assistant, Finn, will enrich these insights with transaction data from multiple banks. For instance, users can ask Finn for a complete overview of their travel expenses in the last year, and it will retrieve travel-related transactions from both bunq and any external banks. In that way, bunq becomes the first bank in Europe to leverage AI in open banking.

Thanks to open banking, bunq has seen a surge in user engagement, with nearly 40% of their surveyed users reporting a significant increase in their use of the app within two weeks of launch. With more people in Europe preferring to have more than one bank account, the new features take the hassle out of managing multiple bank accounts and advance open banking among bunq’s user base across Europe.

“Our users live life without borders, effortlessly blending home, work, and travel,” says Bianca Zwart, Chief of Staff at bunq. “We’ve built the bunq app around their lifestyle, and this partnership takes it even further. By combining Mastercard Open Banking with bunq’s world-leading AI platform, the possibilities to enhance their experience are endless.”

“We’re pleased to support a leading neobank like bunq, as they show a great example of how multiple benefits of open banking and AI can deliver an excellent user experience. This collaboration showcases our strong platform and reach across Europe and the opportunities for scaling on our global open banking network”, said Bart Willaert, EVP, International Open Banking, Mastercard.

Open banking features for bunq users are now available in the Netherlands, France, and Germany and will scale further across Europe. bunq and Mastercard announced the partnership at the thought-leading European edition of Money 20/20 in Amsterdam.

NFM Publishing Team
NFM Publishing Team
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