Global AIFinTech100 recognises the tech companies using artificial intelligence to transform financial services
The world’s most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services were named today on the AIFinTech100 list. We are extremely proud that Exo Investing, our B2C AI powered wealth management solution that has been acquired by Abrdn, has been named as one of them.
The use of AI and data analytics has grown tremendously over the last few years as financial institutions move towards digital operations and look to unlock new revenue growth opportunities, minimise operating expenses, and automate manually intensive processes.
And the rate of adoption in areas such as fraud detection, personal finance, customer communications and insurance has only accelerated during the pandemic as financial services organisations start to offer new digital services to customers and employees work from home. According to data from Business Insider Intelligence, the aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023.
Given the huge rise in appetite for artificial intelligence technologies in the sector, the AIFinTech100 was produced to identify the 100 most innovative companies developing AI applications in financial services that every financial institution needs to know about as they develop their digital transformation strategies.
The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 FinTech companies undertaken by FinTech Global, a data and research firm. The solution providers making the final list were recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain.
FinTech Global director Richard Sachar said, "Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology innovations in the market to ensure they deliver competitive financial products and reach new customers."
"The AIFinTech100 list helps senior management filter through all the solution providers in the market by highlighting the most innovative artificial intelligence companies in areas such as Insurance, Banking, Investment & Trading, Lending, Customer Experience, Compliance and Fraud Prevention,” he added.
A full list of the AIFinTech100 can be found at www.AIFinTech100.com. More detailed information about the companies is available to download for free on the website.