AI in Fintech Solutions
AI machines conduct different tasks, such as understanding, decision making, preparation, and comprehension of voice, such as humans. Artificial Intelligence plays a very significant role in the financial technology market. It decreases time, improves performance and therefore reduces the probability of mistake. AI is quite helpful when producing a huge number of papers. Some of the top features of this market are:
- Business Finance & Expense Reporting
- Fraud Detection
- Market Research / Sentiment Analysis
- Predictive Analytics
- Regulatory compliance
- Accessible analytics
- Cross-platform functionality
- Integration with other fintech apps
- Money-Laundering Prevention
- Asset and Portfolio Management
- Automated Customer Support
- Chatbot / Personal Finance
- Credit Lending / Scoring
- Debt Collection
- Insurance Management
Top 10 AI in Fintech Solutions
Due to the involvement of several foreign players in the industry, AI in Fintech sector is heading towards globalization. More numerous investments and large-scale business cooperation are likely to take place early, based on creativity. Some of the big players at the moment are:
- IBM Watson Platform
- MICROSOFT Cortana Intelligence Suite
- AMAZON AWS Alexa
- SALESFORCE Einstein
- GOOGLE Cloud Platform
- INTEL Movidius Neural Compute Stick
- INBENTA InbentaBot
- NUANCE Virtual Assistance
- SAMSUNG Nexfinance
Top 10 New Entrants
Emerging firms have offerings for niche products and services. Their business tactics aren't as powerful as the established companies. The evolving vendors include the new market entrants, beginning to emerge in terms of product portfolio and geographical coverage, and need time to gain strong market popularity. Some of the emerging new entrants are:
- ANODOT AI Analytics
- VOYAGER Analytics
- VERINT NEXT IT Alme
- KASISTO KAI Banking
- BRIGHTERION Smart Agents
- ZESTFINANCE ZAML suite
- RAZORTHINK Big Brain
Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.
Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.
Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.
Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.
Microsoft is focused cloud-based for business, helping financial firms big and small enable intelligent industry transformation with data and artificial intelligence (AI). Microsoft technology, partner solutions and industry contributions are designed to help financial services businesses compete, innovate and succeed in the future. Microsoft solutions are helping firms to do things like grow retail banking business with next-best-action software, spot and fight financial crime, and improve customer relationships with multichannel customer experience solutions
Nextfinance helps in effectively verifying new technologies needed for digital finance by using the digital platform.Nextfinance helps in the quick application by proven services including Digital Identity, Digital Payment, Digital Finance Concierge, and AI Virtual Assistant, to your business.It helps in expanding the ecosystem by leveraging new technologies and services which is continuously applied to platforms.
Ayasdi is few of the AI players that delivers real applications with real business value. The market for AI in financial services is at a relatively early stage in terms of adoption. Ayasdi delivers proof points and practical use cases. The company helps in improving the efficiency and effectiveness of the AML function.
Amelia uses business intelligence drawn from distinct interaction integrated with data held in enterprise core systems. It uses advanced analytics like deep learning to evaluate substantial amounts of data and act on new insights which allows to make real-time decisions that provide better outcomes.
Active.Ai empowers banks and other financial institutions to intuitively and intelligently engage customers on mobile, chat, or voice-enabled IoT devices using Artificial Intelligence. The AI platform combines specialized solutions using artificial intelligence and Natural Language Processing to deliver seamless conversational interactions to provide financial services.They manage and build low cost, customer-centric digital channels with out of box support for current accounts, loans, Trade finance, treasury, payments, service request, virtual agents , lead generators for corporate and SMB Banking.
AppZen delivers the world’s leading AI platform for modern finance teams. They automate the manual process, uncover problems, and optimize decision making for large organizations. Their platform combines patented deep learning, computer vision, and semantic analysis with intelligence from thousands of online data sources to understand financial transactions in a business context and make decisions before those transactions happen for customers.
Voyager Labs has created the first real solution to this lending squeeze. They are leading artificial intelligence and cognitive learning company who is entirely focused on deriving valuable, actionable insights from the vast amounts of data in the social sphere. Voyager Finance brings lenders of all kinds a new and highly accurate social scoring layer, for enabling to evolve portfolio to a more profitable one.
The company develops consumer lending platform that utilizes AI-based credit scoring. The company feeds a mix of online data and traditional credit intelligence to its machine learning algorithms to decide whether a customer is eligible for a loan. Applications are made online and the approval process is automated with the company aiming to become a one-click loan provider.
Vidado helps in transforming back-office workflows with faster processing of manual workflows, streamline fund management allocation, and improving fraud detection by unlocking data from paper. Vidado is the bridge towards complete digital automation. It helps in improving the customer experience by reducing cycle times while dramatically reducing operational costs.
Shift Technology leverages the best of data science to automatically detect networks of fraudsters in insurance and e-commerce. The solution is integrated to deliver cutting edge Big Data platform and is provided with SaaS model. They help insurers defeat fraudster, streamline claim workflows, accelerate claim solutions and also bring straight-through processing and reach.