Revolut Revolutionizes Finance with AIR, Its Innovative Banking AI

Revolut Unveils AIR, Its Banking AI Assistant

The British neobank Revolut has recently unveiled AIR, an intelligent assistant designed to transform the banking experience for its users. Unlike a simple chatbot, AIR is integrated directly into the Revolut mobile app, providing comprehensive assistance to UK customers.

Revolut's goal is to simplify the daily use of its banking app. Julia Ponomareva, Director of Customer Experience and AI Products at Revolut, emphasizes that the era of multiple tabs and menus is over. AIR allows users to ask their questions in natural language, similar to ChatGPT or Gemini.

AIR Features

To access AIR, users can swipe down on the home screen or navigate via Profile → Chats → AIR. The assistant uses data visible to the user, such as transactions and investments, without any additional data collection. AIR offers several features:

• Expense Analysis: It provides an overview of spending habits, such as the amount spent on coffee last month.
• Investment Tracking: Users can check the status of their portfolio and track the performance of their investments.
• Subscription Management: AIR allows users to view and cancel active subscriptions.
• Card Management: Users can block a lost card directly through the assistant.
• Travel Assistance: It helps plan a travel budget and allows users to purchase a Revolut eSIM.

These features place Revolut ahead of traditional French banks and some online banks, whose apps often remain basic.

Expansion and Future of Revolut

Revolut is not stopping there. The company has formed a dedicated AI team working on voice agents and automated sales tools. In January, it deployed voice agents across Europe, increasing the speed of support ticket resolution.

With over 200 NVIDIA H100 GPUs, Revolut handles approximately 1.2 million support tickets per month, with 80% of conversations resolved without human intervention. The neobank, valued at $75 billion, has more than 70 million customers.

In France, Revolut has established its Western Europe headquarters in Paris, with an investment of one billion euros and the hiring of 200 people. Although AIR is currently only available in the UK, expansion into France seems imminent, bolstered by the demand for a French banking license.

Competition and International Context

Revolut is not the only one investing in artificial intelligence to enhance its financial services. Its British rival, Starling Bank, also launched a similar assistant based on Google Gemini a month ago. This move towards AI is also being observed among major British banks such as Barclays, NatWest, HSBC, and Lloyds, which are heavily investing in this technology to modernize their services.

In France, the development of AI in the banking sector is hindered by a stricter legal framework, making Revolut's initiative all the more remarkable. The potential arrival of AIR in the French market could well prompt local banks to accelerate their adoption of AI to remain competitive.