Revolut, the British virtual bank platform, has just launched its new AI financial assistant named AIR (AI by Revolut) to its more than 13 million customers in the UK.
The new AI assistant allows customers to manage their finances through in-app chat, their spending insights, investment tracking, subscription monitoring, and card management. It also provides travel assistance capabilities, such as trip budgeting and Revolut eSIMs purchases in-app.
This new innovative service is designed to evolve the concept of chatbot, simplifying the digital bank experience from multi-step navigation and clicks. Customers can chat with the copilot by swiping down from the middle of the screen on the Revolut app landing page, or go to Profile → Chats → AIR.
The company emphasizes how AIR has a strict zero-data retention policy and can only access the data customers already see like transactions, investments and cards.
However, this is not the first Fintech company launching an agentic AI assistant. Klarna has implemented it for customer service purposes, while Danish competitor Lunar says that around 75% of its customer calls are being managed by its AI voice assistant.
More importantly, UK’s main competitor Starling bank launched what they called the “UK’s first Agentic AI financial assistant” last March, offering similar capabilities than Revolut’s AIR assistant.
Julia Ponomareva, customer experience and AI product director highlighted how AIR is not just an AI assistant, “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.”
Emphasizing how this new tool delivers a new level of money intelligence without risking customers privacy.
