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How Microsoft’s AI helps Yondr to modernise the banking industry

Yondr, a payment and loyalty platform rapidly gaining popularity among Australian consumers, is using artificial intelligence (AI) across aspects of customer service, operations, risk management and infrastructure to accelerate its growth and transform the customer experience.

Yondr has recently been rolling out its Core Banking Software as a service Solution, which will enable Banks, Fintechs, Retailers and other non-bank providers to offer state-of-the-art personalised services to their customers.

Founder, Shane Chanel, states that they built the platform with AI as a critical component of its operation and products, allowing them to leverage a host of Microsoft’s technologies, from Azure OpenAI and Microsoft Visio to Xamarin, Visual Studio, and Github.

Yondr uses AI extensively, both internally and in client-facing interactions. Within the company, AI plays a crucial role in aiding managers in operational management, reporting, decisions, risk management, and fraud prevention. Customer-facing, artificial intelligence enables technical & product teams to validate and develop new products at record speed supporting infrastructure and customer-facing experiences.

As part of this process, Yondr is committed to safely and responsibly developing all products and experiences based on Microsoft’s responsible AI principles.

“Yondr is focussed on its operational core. Ultimately, revolutionising how customers manage their money and how a company can grow exponentially while controlling costs and being extremely efficient,” says Founder Shane Chanel

The areas in which Yondr is building or already uses Azure OpenAI include:

  • Conversational AI: In its app, Yondr uses Azure OpenAI’s language models to enable customers to engage in natural language conversations and receive quick, accurate responses to their questions.
  • Personalisation: Yondr is developing customer personalisation recommendations based on customer usage patterns, behaviours, and historical interactions.
  • Financial Budgeting: Yondr has constructed several analytical and predictive capabilities, including the ability to forecast future spending behaviours. Yondr also applies OpenAI’s machine learning capabilities to enhance accuracy.
  • Fraud Prevention: Yondr is using Azure OpenAI to enhance its fraud detection capabilities. By leveraging advanced algorithms and machine learning techniques, Yondr can identify and prevent fraudulent activities, providing a secure and reliable experience for its customers. This technology allows Yondr to stay ahead of potential threats, going above and beyond to protect the organisation and customers ensuring that they are kept safe and secure.
  • Risk Management: Yondr is leveraging Azure OpenAI to analyse and manage risks both internally and externally.
  • Credit Scoring: Yondr is building machine learning models and capabilities. Using Azure OpenAI to develop new, more accurate credit assessment methods.

“By incorporating these new structural innovations, Yondr can further enhance the user experience, drive customer engagement, and position itself as a leading financial technology platform in the Australian and Asia Pacific regions,” says Shane Chanel.

For Andrew Boyd, Digital Native Director, Microsoft ANZ, Yondr demonstrates how AI can be applied in multiple ways to ensure efficient and scalable growth. “Artificial Intelligence is becoming a fundamental tool for companies that want to transform how they service their clients, increase productivity and compete in an increasingly challenging market.”

Yondr is using the latest AI technology to become the best digital financial conduit in Australia and the Asia Pacific region. Fiskil, Nutrip, Mygigster and Zalena Bank have signed agreements to use Yondr’s technology.

The company has been a Microsoft Founders Startup Program member since 2022, collaborating extensively across various technologies and resources to take AI solutions to the market. Microsoft looks forward to working closely with the Yondr team in helping other banks, retailers and non-bank institutions to drive innovation in financial services.

For more information about Yondr, please visit: