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New Technological Advancements In The Financial Services Industry

New Technological Advancements In The Financial Services Industry

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: 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.