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Top 10 AI Companies that Serve Banking and Finance Industry

Behold, for the most robust technology, has arrived. AI is radically and massively transforming industries, courtesy of AI’s host of elegant tools, innovations,…

Published

1 year ago

January 16, 2023

This article was originally published by AITHORITY

Behold, for the most robust technology, has arrived. AI is radically and massively transforming industries, courtesy of AI’s host of elegant tools, innovations, and applications. Organizations, especially the banking and finance ones are enjoying better accuracy, efficiency, and simpler, and quicker processes to help fulfill their customer demands and deliver financial services.

A decade ago, the majority of the activities like data entry, data collection, reporting, data verification, etc, in the finance sector, were laborious, manual tasks. In the AI era, most of these financial functions are streamlined, simpler, and quicker.

Banking and finance-related companies are bestowing their trust in AI-driven innovations and technology to simplify credit management, investments, and other functions. Let’s dive a bit deeper to look at the top AI companies serving the banking and finance industry and how the Money and Machine combination works.

High Radius

HighRadius offers cloud-based Autonomous Software for the Office of the CFO. The company has offered its services to clients including 3M, Unilever, Anheuser-Busch InBev, Kellogg Company, Hershey’s, and others.

HighRadius Autonomous Software is data-driven software that continuously morphs its behavior to the ever-changing underlying domain transactional data. It brings modern digital transformation capabilities like Artificial Intelligence, Robotic Process Automation, Natural Language Processing, and Connected Workspaces as out-of-the-box features for the finance and accounting domain. The software offers the following:

DSO reduction.
Working capital optimization.
Bad-debt reduction.
Reduce month-close timelines.
Improve productivity in less than six months.

Lingxi

Established in 2018, this Beijing-based startup employs machine learning to calculate investments, and debts while offering the best insurance deals. Lingxi believes in augmenting humans and not replacing them. The company manages around 200 customer service executives which are taken care of by 30 AI experts. Debt collection is the company’s prime focus at this time.

Kreditech

Alexander Graubner-Müller founded this German company in 2012. Headquartered in Hamburg, the company uses a self-learning algorithm to determine if a customer is financially credible to apply for a loan. Kreditech gathers customer data on its own and calculates the credit score in a jiffy. The company aims to ‘provide access to better credit and a higher convenience for digital banking services.’ The product offerings include consumer loans, a digital wallet, and a personal finance manager designed to help customers manage their credit scores and plan their spending.

Numerai

According to its Wikipedia page, Numerai is an AI-run, crowd-sourced hedge fund based in San Francisco. Numerai’s trades are determined by an AI, which is fueled by a network of thousands of anonymous data scientists. The company founded and created by Richard Craib in 2015 has a weekly tournament where data scientists submit their predictions to earn potential rewards in a cryptocurrency called Numeraire.

Walnut Algorithms

Located in France, Walnut Algorithm is a quantitative investment company that applies artificial intelligence to asset management. The company uses a combination of advanced machine-learning techniques and financial expertise to generate profitable, self-learning trading systems. Walnut Algorithm aims to rethink traditional asset management.

Active.ai

This Singapore-based fintech company aims to provide conversational finance and banking services. The focus is to ‘help banks and financial institutions redefine their future digital strategy.’ Active.Ai’s platforms, provide a hybrid (on-prem or cloud) enterprise AI stack, with a proprietor AI engine, Triniti, used by banking and financial institutions, has technology that incorporates advanced NLP, machine learning, NLU, and NLG to intuitively and intelligently enable customers to have meaningful engagement with natural dialogues over messaging, voice and IoT devices.

Skyline AI

Skyline AI is a real estate company enabling investors to explore real estate opportunities in the United States. It uses ‘proprietary artificial intelligence to outperform commercial real estate investment benchmarks.’ Skyline AI combines mining data from hundreds of different sources and advanced artificial intelligence architectures:

To detect and exploit market anomalies.
Identify superior risk-reward investments.
Discover untapped value-creation opportunities.

Fount

This Korean startup is a robot advisor that helps customers with their investments. The company uses algorithms to facilitate customers with no prior experience in wealth management and investment to wisely invest their money.

Cleo

Headquartered in London, Cleo was founded in 2015 by Barnaby Hussey-Yeo to ‘fight for the world’s financial health and change the way people feel about their finances. Through chat, she provides you with deep insight into your money, while suggesting personalized financial products that increase your ability to save. That said, it’s our tone of voice that makes us special.

Upstart

Upstart partners with banks’ credit unions to expand access to affordable credit. By leveraging Upstart’s AI marketplace, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers’ demand.

[To share your insights with us, please write to sghosh@martechseries.com].

The post Top 10 AI Companies that Serve Banking and Finance Industry appeared first on AiThority.

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