FinTech Global has announced the second annual AIFinTech100 list, which recognises the FinTech companies leveraging AI in revolutionary ways.
Companies in the list are building AI and machine learning technology that solves challenges and improves efficiency in financial services.
AI and data analytics have been a major development for the financial sector over the past few years and the pandemic has only accelerated the demand for the technology. These solutions can help companies boost efficiency, reduce manual workloads and more.
A report from IDC claimed that the total potential cost savings for banks from AI applications is estimated to reach $447bn by 2023.
With such a burgeoning sector, a panel of industry experts made their assessment for the AIFinTech100 based on research on over 2,000 FinTech companies.
FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology in the market to deliver competitive financial products and reach new customers.
“The AIFinTech100 list helps senior decision-makers in the industry filter through all the vendors in the market by identifying the market-leading AI innovators which will have lasting impact on the industry.”
One of the RegTech companies in the list is Nice Actimize. The company, which offers financial crime, risk, and compliance solutions, recently hit headlines after it launched its X-Sight Entity Risk SaaS solution. The tool produces a single risk score that helps financial institutions get a deeper understanding of their clients.
Another RegTech company in the list is ComplyAdvantage, which offers hyperscale risk management designed to help hyper growth companies find, minimise or eliminate the threat of financial crimes. The company also recently released a new service. Its new ComplyTry tool lets anyone verify prospective customers by leveraging live sanctions, politically exposed people and adverse media data.
That is not the only recent launch from the RegTech company. It also released the ‘Anti-Money Laundering Guide for Crypto Firms’, which helps firms better assess the risks of the market.
Also in the new list is Smarsh, a provider of cloud-native, AI-enabled digital communications capture, retention, and oversight solutions for industries with strict compliance and e-discovery requirements. Smarsh recently acquired TeleMessage, which offers mobile messaging and voice capture technology, and will help Smarsh boost its employee communication monitoring capabilities.
One of the most active AIFinTech100 companies this year is Tink. The company claims to be Europe’s leading open banking platform that enables banks, FinTechs and startups to develop data-driven financial services. In March, it was acquired by payments giant Visa.
Earlier this year, Tink teamed up with subscription technology platform Youtility to provide UK retail banks with embedded subscription and money management tools. Tink also released a research report that highlighted that Europe is “betting big” on open banking payments. Its study found that 74% of financial executives see increased payment security and fraud mitigation as a key benefit of open banking payments.
Some of the other companies in this year’s AIFinTech100 list include, Intelligent automation and digital decisioning platform ACTICO, customer experience hyper-personalisation insight platform ForwardLane, automated ongoing customer monitoring solution KYC2020, AI-powered digital transformation technology Quantiphi, conversational analytics platform for customer monitoring Sentient Machines, crime detection and prediction technology Symphony AyasdiAI, investment management AI solution Turing Technology and communication data platform VoxSmart.
More detailed company information for all 100 companies can be found in the report.
The full AIFinTech100 list, which can be downloaded for free, can be found at www.AIFinTech100.com.
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