FinTech Global has released the 3rd annual AIFinTech100, which reveals the top companies that are currently leveraging AI to revolutionise financial services.
With the AIFinTech sector continuing to go from strength to strength, FinTech Global’s list on the industry’s finest companies highlights some of the innovators that are developing AI and machine learning tech to solve key challenges or boost efficiency in financial services.
The launch of Generative AI platform ChatGPT back in November 2022 has been one of the biggest talking points not just in AI but across a plethora of industries that are set to see considerable disruption from the technology.
A survey recently undertaken by The Economist found that 85% of banks have a clear strategy for adopting AI in the development of new products and services. One of the biggest draws to the technology, the survey found, was cost savings. A report from Insider Intelligence, meanwhile, claimed North American banks have a combined potential cost saving of $447bn for 2023.
With market interest heating up considerably, this has created a hotbed of tech providers that are building AI or data solutions to solve key issues in areas such as insurance, customer experience, banking, investing, trading and compliance.
This meant that the selection process for the 2023 AIFinTech100 was more competitive than ever. Finalists were chosen by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies.
“Generative AI tools like ChatGPT have shown how advanced AI technology has become, said FinTech Global director Richard Sachar. “Financial institutions will need to explore how they can leverage the latest AI and data analytics technology, or they risk being left behind by competition. The new AIFinTech100 list gives senior decision-makers the knowledge of the best vendors in the market and those leading the charge on innovation.”
With some of the biggest names in the industry taking part, it is little shock that many of them have hit the headlines in the last year.
One of the key players in the AIFinTech100 is Quantifind, which secured $23m in a fresh funding round in March this year. Quantifind’s AI-powered automation uncovers relevant risk signals from disparate and unstructured data to help risk specialists investigate people and organisations faster and more accurately.
Also part of the AIFinTech is NICE Actimize, which is a leading global provider of financial crime, risk, and compliance solutions. Last year, NICE’s technology was tapped by UK-based multi-asset broker Olivetree Financial to support its financial crime strategy.
Novidea, a creator of a cloud-based, insurance platform that lets brokers, MGAs and cover holders manage their insurance distribution lifecycle, scored $50m in funding in May this year.
Muinmos, an award-winning, AI powered client onboarding platform which onboards any client globally within 3 minutes from point-of-contact to “ready-to-do-business”, recently announced the appointment of two industry stalwarts – Mohamed Mortada as sales manager and Jesus Sanchez as senior product manager.
Also part of the AIFinTech100 is SymphonyAI Sensa-NetReveal, a firm that protects institutions from financial crime by combining market leading AI with proven risk and compliance technology. Last year, the firm partnered with financial crime detection firm NetReveal to launch the Sensa-NetReveal Suite.
Some of the other companies in this year’s AIFinTech100 list include Japanese firm Cinnamon AI, a Japanese firm that provides a large-language-model-backed intelligent document processing platform for financial firms, AI powered AML compliance solution firm Fineksus, digital communications capture, retention and oversight solutions firm Smarsh and Turing Technology, a tech firm using AI to redefine and reinvent active investment management.
Other companies taking part are Moody’s Analytics, which is a firm that provides financial intelligence and analytical tools to aid business leaders in making better and quicker decisions. OMNIA, a plug-in protector for users and Web3 projects, and Lumenai Investments, an AI investment service that aids investors and advisors to easily create investment strategies, also made the list.
Also securing their place on the AIFinTech100 list were RequirementONE, a firm that helps other businesses action regulatory change, Red Oak Compliance, a compliance review software firm and Quantiphi, an AI-first digital engineering company that aids firms in realising transformational business opportunities.
More detailed company information for all 100 firms can be found in the report.
A full list of the AIFinTech100 and detailed information about each company is available to download for free at www.AIFinTech100.com.
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