More and more banks are trying to get in on the Artificial Intelligence (AI) craze. Nubank, the leading digital banking platform in Latin America, has become the latest company to do so, via an acquisition.
The financial firm has been pursuing what it calls an ‘AI first’ policy, looking to leverage the possibilities the technology poses. To bolster its AI capabilities, Nubank has acquired Hyperplane, a Silicon Valley company.
Nubank hopes to leverage the acquisition to create connections between different contexts, generate valuable insights, and support decision making and customer relationships. Use of Hyperplane’s AI models to analyse and process AI will play a core role in this.
Hyperplane’s models will be used by Nubank to analyse and ingest unstructured data at scale, covering areas such as customer interactions and transaction details, to provide deeper insights into customer needs and preferences.
“Nubank´s mission since its founding is to fight complexity and empower fanatical customers,” said David Vélez, Founder and CEO of Nubank.
“Our early investments in AI, coupled with the impressive infrastructure and talent that Hyperplane team has been able to put together, will accelerate our mission.
“Consumers globally will access not only the very best financial products but also receive truly customised financial advice that empowers them to live a better life.”
Headquartered in Sao Paulo, Brazil, Nubank is the largest digital banking platform outside of Asia, with a customer-base of over 100 million across Brazil, Mexico and Colombia.
The greater integration of AI into the firm’s activities shows continued development of technology, particularly fintech, in Latin America, home to several prominent and rapidly growing financial markets.
AI has fast become one of the biggest talking points in finance, with various stakeholders across financial services, banking and payments looking to leverage the tech for various purposes from automation of daily processes to advanced fraud prevention and AML.
Some voices, such as Stripe President John Collison have observed AI as being a leading investment target in financial and fintech circles. Others such as JP Morgan Chase CEO, Jamie Dimon, project that AI has huge potential for the finance sectors.
Vitor Olivier, Nubank’s CTO, added: “Hyperplane’s AI technology will seamlessly integrate into our systems, enhancing our ability to analyse vast datasets and personalise our services on a granular level.
“This is a significant milestone in our journey towards a smarter, AI-first banking ecosystem.”
