Appmax Launched Max, an AI-Powered Digital Bank Integrated with WhatsApp and Siri

Appmax, a company specializing in payment solutions for e-commerce and digital businesses, launched Max, its digital bank powered entirely by artificial intelligence (AI), on Thursday night (May 29th). According to the Rio Grande do Sul-based fintech, the solution aims to offer a banking experience based on voice, text, or image commands, dispensing with traditional buttons and menus.

Initially, access to the digital bank will be restricted to Appmax ‘s client base , with a special focus on digital entrepreneurs and invited guests. The second phase will gradually open to the general public through a waiting list.

Max’s launch is taking place within WhatsApp, where users can already make transactions through Pix, such as payments and transfers. According to Betina Wecker, co-founder and vice president of New Business at the fintech, the app will be launched within 30 days.

“It will be the first app in Brazil without buttons. It’s a conversation screen, like a chat with Max. You no longer need to click eight times to take a Pix; just type or say what you want,” he said.
The system adopts a conversational model, similar to tools like ChatGPT, and adapts to user behavior.

“Max understands that each individual is unique and allows, for example, to configure personalized security levels, such as requiring facial verification above a certain transaction value,” said Betina. In addition to being integrated into WhatsApp, the solution is built into Siri, Apple’s virtual assistant.

Appmax plans to reverse the logic

The entrepreneur emphasized that the digital bank was created to “invert the logic” of traditional thinking, putting the customer experience at the center, not the profitability of the product.

“Banks want you to take eight steps to complete a Pix because they make money off of tied-up cash. We want to make it easier. The customer experience has to come first,” he observed.

The digital bank also has native integration with Appmax’s payments platform. This means that sellers using the fintech solution will be able to request withdrawals and advances directly through Max, with simple commands, such as “Max, withdraw my million reais I sold yesterday.” “We can offer a complete journey from seller to buyer, with a much more seamless experience,” said Betina.

The system will also be able to automate tasks such as abandoned cart recovery, a feature already used by Appmax, and repurchase recommendations. This latter feature, for example, is ideal for continuous consumption products (such as dietary supplements).

“Max will notice you’re about to run out of creatine and ask if you want him to buy it for you,” he explained.

New products

Despite offering free services, Max expects to generate revenue through transactions and the addition of products such as credit cards and investments, which will be launched by the end of the year. The digital bank has been serving both individuals and businesses since its inception.

Max’s announcement comes about four months after Appmax received authorization from the Central Bank (BC) to operate as a regulated payment institution (PI). At the time, Betina had also revealed some of its plans for using AI to Finsiders Brazil.

Founded in 2018, Appmax has moved over R$9 billion since its inception. Currently, the fintech has more than 10,000 active clients, including e-commerce businesses, software as a service (SaaS) companies, and info-producers. “Approximately 38 million Brazilians have already purchased online using the Appmax platform . That’s our potential base for Max,” says Betina.

Conversational platforms

The combination of conversational applications, such as WhatsApp, with AI is a trend in the financial sector. Not surprisingly, large financial institutions, digital banks, and fintech companies are incorporating various financial products and services into Meta’s platform. There are examples of other new entrants already using this model. Among them are Magie and Jota.

A recent survey by PicPay revealed that eight out of ten people are considering delegating decisions to AI-powered autonomous agents to improve their financial performance.

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(Featured image by Firmbee.com via Unsplash)

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