European neobank bunq is debunking monetary fraudsters with the assistance of NVIDIA accelerated computing and AI.
Dubbed “the financial institution of the free,” bunq presents on-line banking anytime, anyplace. By the bunq app, customers can deal with all their monetary wants solely on-line, while not having to go to a bodily financial institution.
With greater than 12 million clients and eight billion euros’ price of deposits made up to now, bunq has turn out to be one of many largest neobanks within the European Union. Based in 2012, it was the primary financial institution to acquire a European banking license in over three a long time.
To fulfill rising buyer wants, bunq turned to generative AI to assist detect fraud and cash laundering. Its automated transaction-monitoring system, powered by NVIDIA accelerated computing, enormously improved its coaching pace.
“AI has huge potential to assist humanity in so some ways, and it is a nice instance of how human intelligence might be coupled with AI,” stated Ali el Hassouni, head of knowledge and AI at bunq.
Quicker Fraud Detection
Monetary fraud is extra prevalent than ever, el Hassouni stated in a current speak at NVIDIA GTC.
Conventional transaction-monitoring methods are guidelines primarily based, that means algorithms flag suspicious transactions in response to a set of standards that decide if an exercise presents threat of fraud or cash laundering. These standards should be manually set, leading to excessive false-positive charges and making such methods labor intensive and troublesome to scale.
As a substitute, utilizing supervised and unsupervised studying, bunq’s AI-powered transaction-monitoring system is totally automated and simply scalable.
Bunq achieved this utilizing NVIDIA GPUs, which accelerated its information processing pipeline greater than 5x.
As well as, in contrast with earlier strategies, bunq educated its fraud-detection mannequin almost 100x sooner utilizing the open-source NVIDIA RAPIDS suite of GPU-accelerated information science libraries.
RAPIDS is a part of the NVIDIA AI Enterprise software program platform, which accelerates information science pipelines and streamlines the event and deployment of production-grade generative AI functions.
“We selected NVIDIA’s superior, GPU-optimized software program, because it permits us to make use of bigger datasets and pace the coaching of recent fashions — generally by an order of magnitude — leading to improved mannequin accuracy and lowered false positives,” stated el Hassouni.
AI Throughout the Financial institution
Bunq is searching for to faucet AI’s potential throughout its operations.
“We’re always on the lookout for new methods to use AI for the good thing about our customers,” el Hassouni stated. “Greater than half of our consumer tickets are dealt with robotically. We additionally use AI to identify pretend IDs when onboarding new customers, automate our advertising and marketing efforts and way more.”
Finn, a private AI assistant obtainable to bunq clients, is powered by the corporate’s proprietary giant language mannequin and generative AI. It may well reply consumer questions like, “How a lot did I spend on groceries final month?” and “What’s the title of the Indian restaurant I ate finally week?”
The corporate is exploring NVIDIA NeMo Retriever, a group of generative AI microservices obtainable in early entry, to additional enhance Finn’s accuracy. NeMo Retriever is part of NVIDIA NIM inference microservices, which give fashions as optimized containers, obtainable with NVIDIA AI Enterprise.
“Our preliminary testing of NeMo Retriever embedding NIM has been extraordinarily optimistic, and our collaboration with NVIDIA on LLMs is poised to assist us to take Finn to the subsequent degree and improve buyer expertise,” el Hassouni stated.
Plus, for the digital financial institution’s advertising and marketing efforts, AI helps analyze client engagement metrics to tell future campaigns.
“We’re making a borderless banking expertise for our customers, at all times protecting them on the coronary heart of all the things we do,” el Hassouni stated.
Watch bunq’s NVIDIA GTC session on demand and subscribe to NVIDIA monetary providers information.
Be taught extra about AI and monetary providers at Money20/20 Europe, a fintech convention working June 4-6 in Amsterdam, the place NVIDIA will host an AI Summit in collaboration with AWS, and the place bunq will current on a panel about AI for fraud detection.
