AIFinTech100 3rd annual edition highlights some of the pioneers who are creating AI and machine learning technology to address pressing issues or increase efficiency in the financial services sector.
In November 2022, the introduction of the Generative AI platform ChatGPT emerged as one of the most talked-about events, as experts anticipate its significant impact across various industries.
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. A panel of industry experts and analysts selected the finalists based on FinTech Global’s research 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 need to actively consider how they can use the most recent AI and data analytics technology to avoid falling behind the 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. In addition,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.