Changing Impact of AI in Fintech And Banking: Top Global AI-Powered Banking Tools
Artificial Intelligence has acted as a cornerstone of success for many industries, and banking is one of them.
There is no denying the extent of transformation led by Artificial Intelligence, especially in the banking sector. Fintech is changing how banks run their operations. From transferring money to investment assistance, credit scoring to smart contracts and more, Artificial Intelligence in new-age Fintech apps have improved all these processes.
Top global banks such as Citi Bank, JP Morgan, HSBC, Commerz Bank are a few examples of those who have transformed and rejuvenated their banking services by adapting to the evolving AI-powered finance technologies available today. It has been predicted that by 2025, the AI industry will be worth $118.6 billion dollars and this value will keep growing.
The growth is definitely due to the increased usage of cloud software, services and demand for AI-powered applications in the banking industry. Here are a few top global AI-powered Banking tools that have created a mark.
There are plenty of IT systems, but we win only when we can implement it effectively. Arago is a platform that helps businesses and banks especially, to automate and implement their IT processes. This software is being used by clients in over 50 countries and it is doing a commendable job.
When the challenges are complex, solutions need to be robust and valuable. Ayasdi is a perfect choice when it comes to solving complex problems with the help of machine intelligence. Ayasdi is deployed in Fintech to manage risk, know the needs of the customers and extend a hand in anti-money laundering. It has some incredible AML detections and solutions.
Cloudwalk is a facial recognition software perfect of Fintechs and other banks. Cloudwalk is already in use by the largest state owned Chinese Bank since 2015. The technology used for facial recognition is advanced and it is capable of scanning a person’s face and identifying the individual correctly. The success rate of the software is 99%.
With headquarters located in Mountain View, California, Shape Security is a fraud detection tool used by the best banks in the US region. Shape Security is known to effectively curb the credential stuffing, credit application fraud, scraping and so on by fake users. The machine learning tools are effective and can distinguish between real consumers and bots.
Zest Finance created a commendable machine learning tool for banks – Zest Automated Machine Learning (ZAML). ZAML is an AI powered underwriting tool. This tool is useful in assessing the borrowers with very limited or no credit information at all.
Everything is operating around data models today, and Data Robot is effectively helping banks and business to quickly build predictive, accurate models to shape future decisions. Issues related to digital wealth management, blockchain lending, credit card transactions can be solved with Data Robot.
This is an underwriting tool with machine learning intelligence- with the help of Underwrite.AI, banks and financial institutions can analyze thousands of data points from the credit bureaus to know the risk of the consumers who applied for loans. It becomes easy to segregate the good from the bad applications.
Kensho, is a very popular AI software used by behemoths like JP Morgan, Morgan Stanley, and Bank of America. Utilizing the capabilities of cloud computing and natural language processing, the software can answer complex data driven questions in plain English.
This is a software designed for the needs of banks and financial institutions. With clients like banks and investment firms belonging to the Fortune 500 clan, the platform beautifully decodes the transcripts, researches, news to discover and provide actionable insights to the organization. It acts a valuable tool for financial professionals.
Processing huge and unstructured data becomes very easy with Kavout. With the help of a software tool like Kavout, banks and financial institutions can understand real-time patterns in the financial markets. One of the most popular solutions from Kavout is the Kai score. Kai Score is an AI powered stock ranker.
Undoubtedly, the future of the finance and banking is heavily relying on the emerging fintech and AI applications. This is truly setting the stage for increasing competition among the industry leaders. The behemoths are competing with each other and trying to win the AI talent war for the next decade. Where do you stand?