In this article, we shall be discussing new tech advancements in the financial sector domain. Five startups in AI domain have been taken as an example to illustrate the tech know-how with their USP highlighted. Below is one on one description along with the author’s screenshot of the same highlighting the benefits of the same.
Financial Data Acquisition Is Made Easier Using Litefin.
- 2020 is the founding year
- Hyderabad, India is the place.
Collaborate with LiteFin to Gather Multi-Source Financial Data
A data acquisition solution based on application programming interfaces (API) is provided by the Indian firm LiteFin. Companies incorporate the startup’s API into internal or external software programs to gather data from various sources. It makes it possible for banks, fintech companies, and organizations that offer personal financial management to obtain financial data like savings, credit cards, transactions, and tax data using a single tool, simplifying data administration.
The goal of LiteFin is to offer Fintechs, Banks, companies that offer personal finance management solutions, and other financial organizations affordable data-collecting solutions.
Features of the item:
1) Transactions – Develop a hook to attract customers’ attention
2) Auth-Flow is dependent upon transactions
Balance—Available monies for use while traveling.
4) Track the money with a bill tracker.
5) Identity: Recognizing users
6) Investments: Provide a comprehensive picture of a user’s investments
7) Allocating the capital in the budget
8) Assets: Check the borrower’s assets directly with the lender.
9) Liabilities- Access liabilities data for student loans and credit cards
Read the latest article:Â 10 Best Applications Of AI In Banking
PAIR Finance provides Claims Management powered by AI.
- Founded in 2016
- Berlin, Germany is the place.
- Money: $9,1 million
For Consumer Behavior Analytics, contact PAIR Finance.
German firm PAIR Finance creates an automated and data-driven claims management platform. Reinforcement learning is a key component of the startup’s AI-based debt collection system that analyses the traits and behavior patterns of clients who have fallen behind on their payments. To provide a customized action plan, the platform examines behavioral data, third-party data, customer data from clients, and data from social media networks. With this technology, firms may more readily recoup lost money.
Makila gives Financial Data Modeling via Automation
- Year of founding: 2018
- Montreal, Canada is the place.
Work together with Makila on financial analysis and planning.
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Startup in Canada A cloud-based AI system for managing financial data is created by Makila. It provides for the spread of data integration duties across several platforms, makes it possible to evaluate data quality in real time, and improves business data management to facilitate operations and semantic referencing. Makila enables data gathering and modeling automation for banks and non-banking financial corporations (NBFC).
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An environment for integrating data
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Connect practically to any data source or destination system while distributing data integration activities across every platform.
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The basis for data quality
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Maintain real-time data quality monitoring and regularly check for changes or faults in your data.
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Federated data sources and master data management
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Database architecture can be accessed virtually, and data from different sources can be connected for instant access and analysis.
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Master data quality is enhanced by robust transformation technologies and integrated data quality processes.
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Governance of data
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Enterprise data management has been improved to provide governance and semantic reference, respectively.
FinScience offers alternative lending Insights into the Market
- Established in 2017
- Milan, Italy is the place.
- Finance: $2,2 M
Participate in FinScience’s portfolio optimization work
FinScience is an Italian firm that gives financial institutions access to essential data on businesses and markets so they may improve their investment portfolios. Large amounts of unstructured alternative data are gathered and analyzed using proprietary algorithms on the startup’s AI platform. Creating long-term investing models and techniques that optimize returns is helpful for businesses, institutions, and private investors. A data-driven fintech startup, FinScience was established in 2017 by former Google senior managers and Alternative Data specialists who coupled their digital skills with the financial knowledge of the investors who are supporting its development.
Augmented analytics solutions are created from the fusion of the financial and data science worlds and are used in investing and ESG scoring.
They gather digital content from blogs, e-commerce sites, social media platforms, and other sources (in English and in Italian). Finally, they interpret, filter, and weigh them. Using our unique machine learning algorithms, they transform them into numbers and time series (e.g. topic modeling, entity recognition, influencer clustering-and-evaluation algorithms). So, after being processed as described above, the alternative data in our data lake serves as the basis for two different types of solutions we offer to our clients:
Indexes and monitoring systems, “alternative” signals and scorings that can be applied to individual businesses, top executives, goods, and even certain themes are all types of information solutions (e.g. Brexit, spread, ESG). Operational solutions, which consist of investment models, strategies, and portfolios resulting from the Quantamental integration of both Alternative Data and Traditional Data (e.g. Stock Exchange data, financial reports, and quarterly balance sheet, and open data). The entire technological infrastructure is cloud-based, making it incredibly flexible and easily scalable.
Sales Data Management is facilitated by UpSWOT.
- Year of founding: 2018
- United States, Charlotte
- Investment: $28,000
Verify financial data innovatively using UpSWOT
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Startups in the US Banks can incorporate data from several sources using a platform created by UpSWOT. Its automated, plug-and-play platform gives banks immediate access to information on the performance patterns of their corporate clients. On the back end, the platform also provides high-value data to relationship managers, enabling them to upsell goods and services while forging deeper and more enduring relationships with companies. By assisting them in increasing engagement and customer loyalty with their corporate clients, upSWOT technology benefits hundreds of FIs. By absorbing data from more than 200 SaaS services, upSWOT provides insights into trends and performance throughout your client base, making it simple to track attrition and engagement. Use these informational insights and proactive warnings to deepen your connection and foster a sense of loyalty with your company clientele.
Read:Â The New Digital Mobile Banking Sphere
