Banking is moving towards AI assistants: Estonian bank LHV just let customers plug ChatGPT and Claude directly into their bank account. Read-only, but still.
In the first stage, the solution is view-only, meaning connected applications can read data but not make payments or change account settings.
LHV, one of Estonia’s largest banks, launched LHV AI today. It connects Claude, ChatGPT, Cursor or any AI assistant to your accounts through an open protocol called MCP. „LHV is the first bank in Estonia to come up with a solution that allows customers to connect their bank account with artificial intelligence tools and use their financial data securely and under their own control. This is an important step towards the banking of the future and a solution that few banks in Europe offer.” – according to the press release.
You authenticate exactly as you would in your internet bank: Smart-ID, Mobile-ID, biometrics. You choose exactly what the assistant can see, balances, transactions, or both (loans and investments coming later). Tokens expire in an hour. Access can be revoked anytime. Every request is logged.
Then you just ask your AI assistant what you spent on groceries (or beer or insurance or both) last month, or which subscriptions renewed this week, and it answers from your real data.
According to Mihkel Kasepuu, Chief Technology Officer at LHV, many people are already using artificial intelligence to manage their finances. “While bank data has previously been available mainly in online banking or mobile apps, customers can now use it in AI tools they are familiar with,” explained Kasepuu.
„For example, a customer can ask the AI how much they spent on eating out last month, what their biggest fixed expenses have been in the last six months, or ask it to prepare a statement of their account for the last three months. The AI assistant uses only the information in LHV accounts to answer and presents the information in simple language.” – the bank explained.
The solution works with various AI applications that support the Model Context Protocol (MCP), including Claude and Cursor, and in the future with other compatible tools.
According to Kasepuu, banking no longer takes place only in a bank app. „The customer must be able to decide how and in which tools to use their data. LHV’s task is to ensure that this can be done securely, transparently and under their own control,” he said. Kasepuu added that LHV sees an important role for artificial intelligence in both developing existing services and creating a completely new banking experience, and the MCP interface is just the beginning.
„LHV’s goal is to create an opportunity for customers to securely apply their financial data across all environments used to manage their finances. The new solution paves the way for the next generation of financial services that combine banking and artificial intelligence,” said Kasepuu.
Andres Lehtmets, commented: „I spent years working on Open Insurance/Open Finance and API-based data access from public policy/supervisory perspective, and this case is interesting for several reasons.
First, personally, I tried a few months ago to find a shortcut to get similar access myself.
Second, it raises the question: should PSD2-type access rights be directly applicable to consumers themselves, similar to this LHV use case? Why not?
Third, once your transaction history lands inside Claude or ChatGPT, it’s no longer governed by banking regulation. It’s governed by that AI provider’s own terms and privacy policy. I think that’s something everyone opposing the EU Financial Data Access Regulation (FiDA), because „Big Tech is coming to destroy our competitiveness,” should reconsider in their argumentation.
Fourth, a practical question: in a similar setup, if I gave PSD2 access to consolidate all my other bank accounts too, would I get the same kind of access for those accounts? LHV isn’t offering that at the moment but still interesting to understand.„
Secure access with familiar authentication tools
LHV’s new AI interface is built on the same security principles used when logging into the internet bank. To access data, the customer must identify themselves using Smart-ID, Mobile-ID, biometrics or ID card and give consent. The customer can also always decide which data to allow access to, which tool to connect to and disconnect at any time. “Security is the foundation of this solution,” Kasepuu emphasized.
LHV’s solution is based on the Model Context Protocol (MCP), which is becoming a standard for connecting AI tools to various services and data sources. It is already supported today by, for example, Claude Desktop, Claude Code, Cursor and several other AI applications. In addition to MCP, LHV also offers API-based access to the same data as MCP.
The open protocol means that the customer is not tied to one specific AI service and can use different MCP-enabled tools according to their preferences. Connecting an account to an AI tool only takes a few minutes, and the customer can later manage or remove all connections themselves. Access is valid for 30 days, after which the customer must renew it themselves.
Find out more: lhv.ai
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LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s subsidiaries are AS LHV Pank, LHV Bank Limited, AS LHV Varahaldus and AS LHV Kindlustus. LHV has representative offices in Tallinn, Tartu, Pärnu and London. LHV employs over 1200 people and more than 445,000 customers use LHV’s banking services.
