In a move to revolutionise the banking sector, Yondr, the emerging Australian payment and loyalty platform, is integrating Microsoft’s artificial intelligence (AI) into its operations. The incorporation of AI is expected to enhance Yondr’s customer service, risk management, operational procedures and infrastructure, in turn fuelling the company’s rapid growth trajectory and customer experience transformation.
Yondr’s founder, Shane Chanel, explained how the firm’s recent roll-out of its Core Banking Software-as-a-Service (SaaS) solution is designed to allow banks, fintechs, retailers and non-bank providers to deliver personalised services to their customers, through state-of-the-art technologies.
“We constructed the platform with AI as an integral part of its operation, utilising an array of Microsoft technologies,” Chanel stated. These include Azure OpenAI, Microsoft Visio, Xamarin, Visual Studio, and GitHub.
Yondr’s extensive use of AI, both internally and in client interactions, is aimed at boosting performance across the board. Chanel explained how AI assists with operational management, risk management, and fraud prevention, while also facilitating the validation and development of new products at record speed.
“In the end, our goal is to revolutionise the way customers manage their money and to allow the company to grow exponentially while staying efficient and cost-effective,” Chanel said.
Highlighting the focus on safety and responsibility, Chanel stressed that all products and experiences are developed according to Microsoft’s responsible AI principles. This ethos is evident in the various applications of Azure OpenAI throughout Yondr’s operations:
- Conversational AI: Yondr’s app utilises Azure OpenAI language models for natural language conversations, enabling customers to receive quick and accurate responses.
- Personalisation: AI-driven customer personalisation based on individual usage patterns, behaviours, and historical interactions is under development.
- Financial Budgeting: Yondr leverages OpenAI’s machine learning capabilities to construct predictive models, including the ability to forecast future spending behaviours.
- Fraud Prevention: Yondr is applying Azure OpenAI to its fraud detection protocols, ensuring advanced threat identification and prevention.
- Risk Management: Both internal and external risks are managed via Azure OpenAI.
- Credit Scoring: Yondr is developing more precise credit assessment methods using Azure OpenAI.
“With these structural innovations, we aim to enhance user experience, foster customer engagement, and position ourselves as a leading fintech platform in the Australian and Asia Pacific regions,” Chanel said.
For Andrew Boyd, Digital Native Director, Microsoft ANZ, Yondr exemplifies how AI can drive growth efficiency. “AI is a crucial tool for companies wanting to revolutionise client servicing, boost productivity, and compete in an increasingly challenging market.”
Earning a reputation as a leading digital financial conduit in the Australian and Asia Pacific region, Yondr is already working with companies like Fiskil, Nutrip, Mygigster and Zalena Bank, which have signed agreements to use Yondr’s technology.
As a member of the Microsoft Founders Startup Program since 2022, Yondr has enjoyed extensive collaboration across various technologies, helping bring AI solutions to the market. Microsoft is keen to continue this close partnership with Yondr, driving innovation in financial services alongside other banks, retailers and non-bank institutions.
For more about Yondr’s approach to financial services, visit: https://www.yondr.money.
