'Deployment of AI helps entrepreneur open business account faster'

09/09/2023
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The ceo of bunq recently managed to reduce a fine from De Nederlandse Bank (DNB) for using the deployment artificial intelligence in fraud checks. This is a good development for the entire banking market, and it is admirable how bunq is taking on the DNB.

To know who your customer is and what risks there are or are not, a lot of checking has to be done. In the banking world, this is called Know Your Customer (KYC). KYC procedures are a huge cost and create a lot of extra deployment and workload. We at Moneybird see the consequences of the complex KYC procedures in traditional banks on a daily basis: opening a new account takes a long time. Start-ups want to get started and be able to focus on their 'core business': what they are good at, what energises them and what makes their work fun. Accounting is often not among their hobbies.

However, because of the slow procedures at banks - it can sometimes really take months to open the first business account - start-ups are forced to keep using their private accounts. As a result, they later have to do all the complex calculations to reconcile the accounts. More efficient KYC and monitoring via artificial intelligence is, technically speaking, quite feasible. Banks need fewer people to do this, hopefully reducing waiting times for new accounts. And that's good for start-ups.

Check the source of this article, or click her to read more about AI.

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