Artificial Intelligence Applications in Financial Sector: A Detailed Look at 24 Notable Examples
In the ever-evolving world of finance, Artificial Intelligence (AI) is playing an increasingly significant role, particularly in financial risk management. Several companies are leading the charge, transforming the sector by shifting from reactive to proactive risk assessment and mitigation strategies.
Order.co, for instance, offers a software solution that helps businesses manage corporate spending, place orders, and track them, all while providing recommendations for spend efficiency and budget trimming. Meanwhile, MoneyLion's platform connects consumers with various financial solutions, offering an AI-powered search tool for personalized, actionable guidance.
Enova, Wealthblock.AI, and Gynger are among the companies using AI to revolutionize lending and investing. Enova's platform uses AI and machine learning for advanced financial analytics and credit assessment, while Wealthblock.AI streamlines the process of finding investors using blockchain technology. Gynger's AI-powered platform finances tech purchases, offering solutions for both buyers and vendors.
Vestmark and Canoe are making waves in wealth management and data management, respectively. Vestmark offers a range of solutions, integrating AI capabilities to enable automated, efficient workflows and deliver insights that support optimized portfolio management. Canoe ensures that alternate investments data can be collected and extracted efficiently, using natural language processing, machine learning, and meta-data analysis.
Zest AI, Gradient AI, and Socure are making strides in the insurance and identity verification sectors. Zest AI offers an AI-powered underwriting platform that helps companies assess borrowers with little to no credit information or history. Gradient AI specializes in AI-powered underwriting and claims management solutions for the insurance industry, while Socure created ID+ Platform, an identity verification system that uses machine learning and AI to analyze an applicant's online, offline, and social data.
In the real estate sector, Entera offers an AI-powered investment platform that lets investors buy, sell, and operate single-family homes. Ocrolus offers document processing software that combines machine learning with human verification, and FloQast makes a cloud-based platform equipped with AI tools designed to support accounting and finance teams.
Tegus and Workiva are transforming investment research and reporting, respectively. Tegus offers an AI and machine learning-driven investment research platform, helping clients research investment opportunities more efficiently. Workiva offers a cloud platform designed to simplify workflows for managing and reporting on data across finance, risk, and ESG teams.
Chime, Affirm, and Kensho Technologies are providing innovative fintech solutions, such as online banking services, savings accounts, virtual credit cards, installment loans, and interest-free payments, as well as machine learning training and data analytics software that can assess thousands of datasets and documents.
The market value of AI in finance was estimated to be $9.45 billion in 2021 and is expected to grow 16.5 percent by 2030. Companies like SAS, Upstart, OakNorth, Zest AI, MetricStream, HSBC, and Trumid are making significant contributions to this growth, offering AI-powered solutions for fraud detection, regulatory risk management, governance and compliance, credit underwriting, GRC, and fixed income trading.
These AI-powered innovations are not only reshaping the financial landscape but also making financial services more accessible, efficient, and personalized for consumers and businesses alike.
Investing in technology, such as artificial-intelligence (AI), istransforming numerous sectors within finance. For example, companies like Vestmark are integrating AI capabilities to optimize portfolio management, while Zest AI offers an AI-powered underwriting platform for assessing borrowers. Moreover, Enova uses AI for advanced financial analytics and credit assessment in their lending and investing platform.
