AI investment "great priority" for Nubank

By Daniel Lanyon on Friday 19 May 2023

Digital Banking

The neobank backed by Warren Buffett wants to bring its services into peoples homes and cars, not just smartphones.

AI investment
Image source: Nubank

Investing in artificial intelligence is a "great priority" for Brazil’s Nubank, according to David Velez, the bank’s CEO.

Nubank, which is the world’s largest neobank with 80 million customers,  just this week announced its latest quarter of profitability.

The ten-year-old company has dominated the Latin American fintech market owing to its breakneck speed of growth in recent years. It added nearly 20 million customers in the past 12 months alone.

According to Reuters, however, Velez sees recent developments in AI to herald an opportunity to bring the bank together with its swelling numbers of customers without downloading its app.

"Five years from now you'll be talking to Nubank in your self-driving car, you'll be talking to Nubank in your home," Velez told reporters.

"And we hope the conversation will go beyond financial services to also bring in lots of information and data to help you make the best decisions."

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