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.
Revolut believes its AI models and products will benefit from the sheer volume of its datasets, with 80m customers processing billions of cross-border transactions and diverse financial behaviours in real time.
Revolut says: "As the dataset grows, the models become exponentially smarter at detecting fraud, evaluating risk, and predicting user needs - creating a proprietary intelligence advantage that traditionally structured banks struggle to match.”
Pavel Nesterov, head of AI at Revolut, says: "To lead the future of intelligent banking, you cannot rely on third-party blueprints. We have launched Revolut Research to institutionalise our 'build, don't bolt on' philosophy. By training native foundation models on our global operational data, we are giving our engineering teams an unprecedented engine to deploy smarter features faster, eliminate systemic friction, and give our customers a safer, radically better financial experience."
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