Revolut has today launched a unit dedicated to AI research across financial services, as it sets out its belief in building as much of the AI stack in-house and not relying on third parties.
Revolut says the division, called Revolut Research, will be the centre of Revolut's proprietary AI and machine learning activities and will work with leading academic and tech institutions developing AI.
The digital bank has developed its own AI model specifically for the broad area of finance, unlike other financial services firms which, it says, are leveraging off-the-shelf AI tools and building separate models for different areas of finance, like fraud and customer services.
According to Revolut, its model, PRAGMA, “learns patterns across the entire customer journey, creating a single AI foundation that can support fraud detection, credit decisions, product recommendations and customer service”.
It says PRAGMA, built in partnership with Nvidia, is bearing fruit, with early testing showing 65 more fraud cases caught, 2.3x higher accuracy in identifying credit default risk, and 41 per cent more product recommendations.
