Revolut launches AIR AI assistant to 13 million UK customers for seamless money management

Revolut launches its new AI assistant AIR to UK customers

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.

Revolut rolls out AI assistant for money management

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Starting to roll out to customers across the UK from today, AI by Revolut (AIR) moves beyond the traditional chatbot and allows users to navigate their financial life through simple conversation. Conversing with AIR, users can gain instant spending insights, track investments, manage subscriptions, or freeze a lost card. Beyond daily banking, AIR helps make travel smoother, capable of tasks such as helping with trip budgets and purchasing Revolut eSIMs in-app Julia Ponomaverva, director and general manager of CX and AI products at Revolut says: "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."

Revolut Rolls Out AI Assistant for Daily Financial Tasks | PYMNTS.com

The company began rolling out AIR (AI by Revolut) Thursday (April 9), it said in a blog post. "With AIR, you get tailored insights and the power to complete daily tasks, simply by starting a quick chat," Revolut said in the post. AIR can answer questions about spending, budgeting and investing; pause recurring payments; provide live exchange rates; and manage card controls such as card freezing and spending limits, according to the post. Users can initiate these features powered by AIR with conversational queries or commands such as "Where's my money going?" or "Freeze my card." For security when using AIR, the user's personal data is never stored by third-party AI partners or used for training, AIR cannot perform sensitive actions without the user's biometric approval, and AIR accesses only data the user can already see, such as their transactions, investments and cards, per the post. "We're rolling out gradually to UK customers first, with more countries launching soon," Revolut said in a Thursday post on X. Antoine Le Nel, global chief growth and marketing officer at Revolut, said in a Thursday post on LinkedIn that AIR is deeply embedded into the Revolut ecosystem to support users with financial management through a simple conversation. "This is the future of the Revolut experience -- smarter, faster and completely intuitive," Le Nel said. The PYMNTS Intelligence report "Beyond the Try: Native AI Platforms Begin Replacing Legacy Paths to Shopping Discovery" found that conversational AI is increasingly displacing traditional ways of doing things. When it comes to managing finances and banking, the report found that as of December, 48.5% of what PYMNTS Intelligence calls power users of AI, 33.1% of mainstream users and 31.8% of light users said conversational AI has fully or mostly replaced traditional methods of performing tasks. PYMNTS reported March 25 that Revolut's latest results indicate that after spending years proving it could attract users, that scale is translating into durable banking economics. The company reported roughly $2.3 billion in profit on $6 billion in revenue, with growth tied to subscriptions and payments activity.