bunq enters insurance market amid significant AI improvements

The bunq Travel Card next to sunglasses.
Editorial credit: Harry Wedzinga / Shutterstock.com

Dutch neobank bunq has enhanced its Generative AI assistant Finn to be “fully conversational” and introduced a new travel insurance product.

Bunq, the second largest neobank in Europe has announced that it has upgraded its user-facing AI assistant. Finn, unveiled last year, has answered over 100,000 questions since December 2023, answering questions regarding their bank accounts and spending habits.

Ali Niknam, founder and CEO of bunq, commented: “At bunq, we use the latest tech to make our users’ lives easy. We’re thrilled to see so many of our users embrace Finn in their daily lives and can’t wait for them to have a chat with the all-new Finn.”

Following this conversational enhancement, the assistant can now answer back-to-back questions and provide deeper insights into users’ finances at twice the speed. The upgrade also allows the chatbot to engage in natural conversations, storing the history of users’ interactions with Finn.

The neobank revealed that its AI assistant will function as an extension of the bunq app, delivering personalised, context-aware responses. Finn currently handles up to 40% of user support inquiries on its own and assists with 75% of them each day.

Generative AI has made a splash across the payments ecosystem. Earlier this week, Klarna revealed that nine out of 10 of its employees use the technology on a daily basis. The company shared that the platform has responded to over 250,000 inquiries, amounting to 2,000 per day, since its launch in June 2023.

Additionally, bunq has announced its expansion into travel insurance, unveiling a new product. This new feature provides automatic worldwide coverage for users on the Easy Bank Pro XL plan, eliminating the need to re-purchase travel insurance for every trip.

Users can file insurance claims directly through the bunq app via a link to Qover, a Belgian-regulated United insurance agent.

Niknam added: “We’re making travel insurance effortless. It’s exactly the peace of mind we want our users to have, whether they spend, save or travel with bunq.”