With the competition of AI solutions becoming more heated, FinTech Global has named the 100 most innovative companies that are helping to transform the financial services space.
The first annual Global AIFinTech100 list identifies the tech companies that are building AI and machine learning solutions capable of solving challenges or improving efficiency within finance.
A panel of industry experts and analysts whittled down 1,000 FinTech companies to find the 100 most innovative. Winners were selected based on their use of AI to solve industry problems, generate cost savings or improve efficiency across the financial value chain.
AI has dominated discussions for many years and the sector has grown rapidly over the past few years. The pandemic forced many companies to accelerate their digitalisation efforts, and this has helped boost the appetite for the technology.
Banks could experience a combined total of $447bn in cost savings by adopting AI technology, according to data from Business Insider Intelligence. The technology can be used across the entire financial services ecosystem, including compliance, insurance, banking, wealth management, lending and more.
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 innovations in the market to ensure they deliver competitive financial products and reach new customers.
“The AIFinTech100 list helps senior management filter through all the solution providers in the market by highlighting the most innovative artificial intelligence companies in areas such as insurance, banking, investment and trading, lending, customer experience, compliance and fraud prevention.”
Many of the companies to be listed in the AIFinTech100 have featured in the news recently. Among them, ComplyAdvantage recently hit the headlines for its involvement in the £640,000 pre-seed funding round of cybersecurity startup Seedata.io
ComplyAdvantage, which designs hyperscale risk management tools to help companies find, minimise and eliminate financial crime, also hit the news earlier this year for a $20m extension to its Series C round – adding to the previously secured $50m.
Earnix, another AIFinTech100 company, also featured in the news this year. The company, which provides predictive analytics to help insurers and banks offer dynamic pricing and personalised products, reached a $1bn valuation in February 2021.
More recently, the company acquired the assets of AI telematics provider Driveway Software. It hopes the technology will enable its insurance clients to leverage telematics for risk modelling, pricing and rating.
Another company listed in the debut AIFinTech100 was Muinmos, an AI-powered client onboarding platform which onboards any client around the world within three minutes. The company recently named Emil Kongelys to support the development of its technology.
The RegTech company also recently teamed up with RHT Compliance Solutions to grow its reach to opportunities in Singapore.
Dubber also made the first annual AIFinTech100 list. The company offers a world leading unified call recording and voice AI platform.
Quantiphi, an AI-first digital engineering company that helps enterprises transform industry value-chains by reimaging their businesses with data and AI, also made the list. As did Resistant AI, a provider of oversight and protection for automated financial processes.
Some of the other companies in this year’s list are: Actico, an international supplier of intelligent automation and digital decisioning; BehavioSec, a behavioural biometrics and continuous authentication service; NICE Actimize, a financial crime, risk and compliance solution developer; Quant infinity, an algorithmic trading solution; and Turing Technology, which uses AI to redefine and reinvent active investment management.
View the full AIFinTech100 list here.
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