If there’s any realm where intelligent decision making and processing is paramount in the eyes of the above-average consumer, it is finance. Financial technology has been explosively innovative in recent years, especially with things like cryptocurrencies that are altering the way we view value, money, and trading. Of course, fintech is much more than cryptocurrency. Financial technologies also include things like insurance, investing, and loans.
The same technology behind currencies such as bitcoin and ether, blockchain, also touts high benefits for other fintech uses. Things like peer-to-peer insurance and lending are taking banks out of the equation where that once was the only option. Add in artificial intelligence, and you have an industry that is bound to flourish with new technologies in fraud detection and so much more.
Check out the top ten artificial intelligence companies in the fintech industry!
Fraugster brings big data and AI to fraud prevention with an easy to use, highly-scalable API or plugin toolkit. Fraugster imports user data and then supplements with data from its large database. After the information has been enhanced with additional information, the Fraugster AI sweeps through the datapoints and applies a fraud score to provide intelligent feedback and solutions to a longstanding problem in the finance industry.
YayPay offers middle management companies a tool to automate and improve the efficiency of accounts receivables. YayPay ties all of the accounts’ information together in one tool with analytics, easily-digestible dashboard displays, and “CRM for accounts receivables” with a full chat backlog.
Olivia is an AI that was designed to converse with users naturally. Olivia helps her users manage their money better and optimize the way they spend without being obtrusive. Olivia uses messenger-based conversations to give users information about their spending. She wants to make managing money easy again.
Sway provides financial balances on demand and integrates with Slack so that customers can easily and securely access their financial information. Users can request information such as burn rate and income from the chatbot, and Sway will provide itemized lists of transactions along with top-line totals.
Finn gives users an opportunity to manage their spending habits without having to call their bank. Banks who implement Finn can receive texts with requests to increase their spending limit. Users can also converse with Finn to track their monthly spending.
Aire interviews consumers to establish a new sort of credit score for them. Aire understands that there are billions of consumers who potentially need alternative credit scores due to a lack of information in the classic credit bureaus. Aire has lending partners that will lend money based on Aire’s assessment of a customer’s portfolio. Aire only stores information about users if they have completed an interview and are applying for credit.
Predictive Inc provides a platform that distills regulatory information into real, meaningful data that users can implement into their portfolio management strategy. Predictive Inc. filters through SEC applications for the most promising managers and delivers the information to their users.
Walnut focuses on establishing meaningful connections between market data points so the system can adapt to global markets. Walnut products can scale over many asset platforms like bonds, stocks, and real-world-class assets like silver and gold.
Responsive Capital Management uses artificial intelligence as the base for their robo-investing platform. They focus on reaction to global markets as opposed to forming a risk-optimized profile. Responsive Capital Management brings consumers better returns for fewer fees–sometimes half the fees of a traditional mutual fund or wealth manager.
FinGenius helps translate the complex language of the banking industry into terms that end users can readily understand, making it much easier for users to determine the intent or standing of their advisors. Banking lingo is a complicated language with many pitfalls for individuals that aren’t experienced with it, but FinGenius helps break down walls for simpler, more effective communication.
Do you know of any other artificial intelligence companies in the finance industry who deserve a spot on this list? Let us know in the comments below!