As digital and artificial intelligence technologies sweep through industries, company and financial institutional decision makers continue to seek out the best service providers in order to navigate through such rapid and intense change. To assist them FinTech Global, a data and analytical tools provider, offers the inaugural AIFINTECH100. Their list of the world’s 100 most innovative AI solution providers for financial services is gained from the review of over 1,000 fintech companies.
These top 100 companies are developing financial services applications that experts view as important for all financial institutions and fintech companies to know about when developing their digital transformation strategies.
“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,” said FinTech Global director Richard Sachar.
The AIFINTECH100 list presents the most innovative artificial intelligence companies in sectors such as Insurance, Banking, Investment & Trading, Lending, Customer Experience, Compliance, and Fraud Prevention.
While reviewing candidates for inclusion on the list, the judges sought out those service providers that senior and technology executives would readily value for their AI applications in financial services. They focused on financial technology that was seen to most likely succeed and have a lasting impact on the industry.
In order to select the best candidates for inclusion in the AIFINTECH100, an Advisory Board and the FinTech Global team made their selections based on the following factors:
- Industry significance of the problem being solved
- Growth in terms of capital raised, revenue, customer traction
- Innovation of AI technology solution offered
- Potential cost savings, efficiency improvement, impact on the value chain and/or revenue enhancements generated for clients, and
- How important is it for financial institutions to know about the company?
Among the Top 100 are:
- Arturo: Unlocking the Power of Aerial Imagery to Empower Insurance Carriers with Property Insights and Predictive Analytics,
- Concentric: Unique Use of Artificial Intelligence to Protect Business-Critical Data for Financial Services Firms,
- Eventus: Leader in multi-asset class trade surveillance, market risk and transaction monitoring solutions,
- Galvanize: Strategically manage risk, demonstrate compliance, and provide executives with visibility, assurance, and confidence,
- Hummingbird: A Customer Experience Management platform powered by Chatbots and AI, with access to the 12 leading messaging platforms in over 45 languages, and
- Socure: A leader in digital identity verification and fraud solutions.
The full List recognizes the companies 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.
CEO of Socure Johnny Ayers addresses their selection, saying, “The ability to facilitate frictionless onboarding of customers using AI is more important than ever, given the rapid digital acceleration and scale spurred by the pandemic. Socure’s identity verification and fraud solution delivers an auto-approval rate of up to 98% for mainstream populations, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, gender neutral, and new-to-country”.
Socure’s selection for the list is well reflected in its recently reported record financial results. In the second quarter of 2021 it had 126% annual recurring revenue growth, booking growth of 285% compared to the same quarter of 2020. The company had a net retention rate of 177% driven by near-zero attrition. The company is also a recipient of numerous other awards that includes being named to Forbes’ Fintech 50 List 2021, being ranked number 70 in Deloitte’s Technology Fast 500™, among others.
Another selection, Concentric, is recognized for its autonomous data discovery and categorization capability that provides complete data protection.
Karthik Krishnan, Concentric CEO, appreciates the industry standing it has achieved through its inclusion on the List, stating, “Concentric stands out in the financial services industry due to our use of advanced deep-learning technology to solve the ongoing challenges of unstructured and structured data security – both in the cloud and on-premises.”
In addition to the AIFinTech100, FinTech Global’s other lists of industry recognitions includes: REGTECH, INSURTECH100 and WEALTHTECH100.
