Revolut is today rolling out its first AI-powered financial assistant to its 13 million-plus UK customers, claiming it is more sophisticated than a traditional chatbot, saying it represents afundamental shift in how customers can interact with their finances.
Revolut, valued at $75bn, is the latest challenger bank to leverage AI, hoping to simplify the financial lives of its customers.
Revolut said the free-to-use AI assistant within the Revolut app will “end the era of multi-step navigation” and act as a co-pilot, helping customers navigate their financial life through simple prompts, be it giving themspending insights, managing subscriptions, or planning holidays.
Julia Ponomareva, director and general manager of CX and AI product, Revolut, said,”We believe the era of navigating through endless tabs and menus is over.With AIR, we’re delivering a new level of money intelligence that’s both powerful and effortless. It’s not just an assistant; it’s a co-pilot that elevates everyday life, making financial management as easy and natural as sending a text.Crucially, Revolut customers also remain firmly in the driver’s seat, ensuring that money intelligence never comes at the cost of privacy.”
The AI assistant’s keyhighlights, according to Revolut, are customers gaining instant spending insights, tracking investmentsor freezing a lost card through a simple prompt; makingtravel easier, such as helping with trip budgets; and strong privacy controls, which means personal information is never stored by third-party AI partners or used for training external AI models.
Many fintechs and neobanks are using or experimenting with generative AI tech.
Across Europe, Klarna uses it for customer service purposes, while Bunq launchedits AI assistant in 2024. Danish challenger Lunar says its GenAI-powered voice assistant will handle around75 per cent of customer calls over time.
Last month, rival UK challenger bank Starling launched what it said is the “UK’s first agentic AI financial assistant”, as it looks to leverage the new technology to help improve day-to-day banking.