Fintech
bunq: partnership with Mastercard to power open banking powered by artificial intelligence
bunq’s collaboration with MasterCard is set up to provide users with detailed spending information across all their bank accounts.
Neobank is joining forces with the leading payment services company to enhance its personal financial management capabilities, as well as advance open banking in Europe. Similarly, bunq will harness the power of artificial intelligence (AI) in open banking with Mastercard.
With this integration, bunq users will be able to use the bunq app to manage their budget more effectively and plan their expenses in advance.
This comes at a time when interest in open banking continues to grow, with reports suggesting that the number of open banking users in Europe will double by 2027.
Promote open banking across Europe
bunq’s announcement is very timely, as a growing number of people in Europe prefer to have more than one bank account. Improved digital capabilities for online banking can therefore provide greater opportunities for users, including reducing the complexity of managing multiple bank accounts, as well as helping to improve open banking across Europe.
Open banking refers to the sharing of financial data between banks and third-party service providers through the use of application programming interfaces (APIs).
Seeking to improve user experience, Finn, bunq’s AI financial assistant, will enhance insights with transaction data from multiple banks. Users can ask Finn for a complete overview of their travel expenses, for example, and it will retrieve travel-related transactions from both bunq and external banks.
In this way, bunq became one of the first banks in Europe to leverage artificial intelligence in open banking.
Likewise, the partnership with Mastercard will offer the 12.5 million bunq users across Europe a comprehensive overview of their finances using Mastercard’s Open Banking platform. As a result, users will be able to add accounts from any bank to their bunq app.