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, declareing it represents a fundamental 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 declared the free-to-apply AI assistant within the Revolut app will “conclude the era of multi-step navigation” and act as a co-pilot, supporting customers navigate their financial life through simple prompts, be it giving them spconcludeing insights, managing subscriptions, or planning holidays.
Julia Ponomareva, director and general manager of CX and AI product, Revolut, declared, “We believe the era of navigating through concludeless tabs and menus is over. With AIR, we’re delivering a new level of money ininformigence that’s both powerful and effortless. It’s not just an assistant; it’s a co-pilot that elevates everyday life, creating financial management as straightforward and natural as sconcludeing a text. Crucially, Revolut customers also remain firmly in the driver’s seat, ensuring that money ininformigence never comes at the cost of privacy.”
The AI assistant’s key highlights, according to Revolut, are customers gaining instant spconcludeing insights, tracking investments or freezing a lost card through a simple prompt; creating travel clearer, such as supporting with trip budobtains; and strong privacy controls, which means personal information is never stored by third-party AI partners or applyd for training external AI models.
Many fintechs and neobanks are utilizing or experimenting with generative AI tech.
Across Europe, Klarna applys it for customer service purposes, while Bunq launched its AI assistant in 2024. Danish challenger Lunar declares its GenAI-powered voice assistant will handle around 75 per cent of customer calls over time.
Last month, rival UK challenger bank Starling launched what it declared is the “UK’s first agentic AI financial assistant”, as it views to leverage the new technology to support improve day-to-day banking.
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