FinTech Global, a research platform, has today launched the latest edition of its annual AIFinTech100 list. The ranking details some of the leading movers and shakers who are leading a new era of AI in the financial sector in order to drive greater efficiencies through disruption and innovation.
Back in November 2022, the industry-transforming ChatGPT technology was launched to great acclaim and attention. Since then, the technology has transformed the way industry does and thinks about business. A great number of financial institutions have found new, innovative ways to perform old tasks through AI – specifically Generative AI – and many see this trend only accelerating.
Recent research has unveiled the ever-climbing investment in the technology within FinTech. The research found the AI market size in FinTech is expected to climb from $42.83bn to $44.08bn by 2024, and then to $50.87bn by 2029.
Banks are also proving to be highly keen and are increasingly investing in AI – they are estimated to spend $4.9bn on AI platforms by 2024, a 21.8% compounded annual growth since 2019.
With the AI market currently experiencing such a rapid growth spurt, the selection process for this year’s AIFinTech100 list was hotly contested. Finalists were picked by an esteemed panel of industry experts and analysts centred on research produced by FinTech Global on over 2,000 FinTech companies.
FinTech Global director Richard Sachar said, “Generative AI and Artificial Intelligence in general are transforming opportunities in the financial services sector to not only get ahead of the competition but to also increase efficiencies and offer personalized products to clients. This year’s AIFinTech100 list details some of the best and the brightest in this area who are developing AI applications in areas such as banking, insurance, compliance, customer experience, investment & trading and payments.”
The leading companies that were awarded a place on the fourth annual AIFinTech100 include:
4CRisk is an AI platform that empowers regulatory, risk, and compliance professionals to automate manual tasks and achieve breakthrough results. Earlier this year, the firm launched its newest product, Ask ARIA Co-Pilot, a Conversational AI for first, second and third-line professionals.
Also making the list was Bud, a firm that seeks to simplify every financial decision by turning transactional data into rich customer insights with added context. Bud recently partnered with Akoya, a prominent figure in the burgeoning U.S. open banking ecosystem. This partnership is set to enhance financial services with innovative, hyper-personalized digital experiences, cashflow analytics, and new avenues for growth.
IntellectAI is backed by global fintech company Intellect Design Arena, and empowers subject matter experts with its enterprise-grade GenAI platform Purple Fabric. Recently making the list, the firm also previouslyannounced the launch of a new technology which may have the potential to revolutionize the insurance industry. This solution is the world’s first no touch loss run extraction technology, leveraging the capabilities of Gen AI within Intellect’s proprietary eMACH.ai framework.
Red Oak Compliance Solutions, the industry-leading advertising review software for the financial services and insurance industries, also made the list. The firm recently acquired SiteQuest Compliance, a firm specializing in compliance monitoring and website surveillance software.
Companjon, a leading InsurTech specialising in innovative, AI-driven embedded insurance for B2B2C that is fully digital, dynamic, and frictionless, was another firm on the list. The Irish firm will power Erste Bank Hungary’s new Flight Delay Insurance, a new service available to its customers in the George app.
Another company that has made the list this year is M-Files. M-Files is a platform for knowledge work automation and is powered by GenAI. The firm enables knowledge workers to find information faster, work smarter, and achieve more. The company recently introduced M-Files Aino GenAI enhancements and the M-Files Connector for Copilot stems from a commitment to enhancing productivity and facilitating seamless data access for knowledge workers.
Mitek, a global leader in digital access, delivers identity verification and fraud solutions that help companies say yes to more customers, deposits, and transactions, earlier this year launched MiControl.
This comprehensive fraud management console enhances Mitek’s Check Fraud Defender, offering a significant leap in the detection of check fraud for banks and financial institutions.
Other companies making the list this year included Lumenai, Prometeia, Smarsh, Squirro, EverC and ValidMind, amongst others.
A full list of the AIFinTech100 and detailed information about each company is available to download for free at www.AIFinTech100.com.
