Artificial Intelligence (AI) in finance is considered as ‘The Future of Finance’, as it drives innovation and reshapes the financial sector solutions. Artificial Intelligence (AI) helps fintech to reduce operational costs and help in effective money management. Having AI as part of the digital strategy will increase the revenue for fintech companies.
Data published by Statista Research Department highlights, the market size of Artificial Intelligence (AI) in fintech is about to reach 44.08 billion USD by the end of 2024. Additionally, the stats predict that the market size will exceed over 50 billion USD by 2029. This clearly shows AI-centric financial software development growth in the future.
This blog briefs in detail about the importance of FinTech and the emerging AI tools that every Fintech professional needs to thrive in 2024.
What is FinTech AI (Artificial Intelligence)?
The term FinTech is about implementing various digital technologies in financial services to streamline business operations. FinTech AI (Artificial Intelligence) enhances business operations and optimizes the financial transactions driven by FinTech systems by using the unique capabilities of Artificial Intelligence. FinTech systems improve user experience by using Natural Language Processing (NLP) and data analytics of AI.
Apart from those, AI in FinTech extends its ability to prevent fraudulent activity and safeguard customer data. Using AI in FinTech systems has become one of the best practices for FinTech providers.
Best 15 AI Tools Fintech Professionals Need to Thrive in 2024
Here are the lists of the best 15 AI tools that every FinTech should be aware of and need to know in 2024 to stay ahead of their competitors.
1. Clinc
It is a revolutionary conversational AI, Clinc, a natural language chatbot, developed with best-in-class technology for financial institutes like insurance, banking, and investments. Clinc AI boosts CX by understanding and following complex conversations. It helps customers with balance checks, fund transfers, card stolen/lost, and so on.
Benefits:
- Cloud and on-premise deployment options
- Nimble technology for swift deployments
- Language agnostic
2. Numerai
Numerai is one of the Gen AI tools used to create successful trading strategies. This AI tool uses crowdsourcing machine learning models for encrypting trading data. Traders can get higher profits and lower risks by using this Gen AI Numerai tool. This Gen AI tool enables traders to manage and handle all the market changes effectively.
Benefits:
- Powerful algorithmic trading strategies.
- Trading data encryption.
3. Sift
With its adaptive deep learning capabilities, the sift Gen-AI tool helps traders avoid financial losses. This Gen AI solution enables professionals to detect fraudulent activities through predictive modeling and examining the current situation. This Sift tool educates finance professionals by evaluating past and present data and probable changes.
Benefits:
- Fraud payment detection.
- Risk assessment.
4. Featurespace
The generative AI tool Featurespace is widely used to identify financial crimes like loan fraud. This tool analyzes the user transactional behavior and spending patterns to prevent cybercrimes involved in credit and debit card transactions. The adaptive user behavior analysis done by this tool on financial transactions helps traders to do risk reduction tactics.
Benefits:
- Financial crime identification.
- Real Time Monitoring.
5. Tifin
Tifin is a popular AI-powered wealth management platform that allows traders and individuals to personalize financial planning. This tool recommends the financial goals of the users based on analyzing their income, savings, and spending behavior. Tifin tool offers investment strategies to the users based on their risk tolerance and growth objectives.
Benefits:
- Personalized wealth management.
6. InvestCloud
InvestCloud is a forward-thinking AI tool that helps finance professionals build customized portals or web applications for their clients. With the custom portal, traders or financial experts can recommend or guide individuals to meet their financial objectives. The tool enables users to make a well-informed financial decision based on the expert’s personalized financial guidance.
Benefits:
- Personalized financial guidance.
- Reduces fraud losses.
- Identify risks.
7. ComplyAdvantage
This is a handy tool for FinTech companies to monitor the regulatory guidelines and to comply with the regulations. ComplyAdvantage is a generative AI tool that allows FinTech professionals to identify possible compliance violations, illegal activities, and lapses by scanning customer transaction data continuously. With this tool, financial companies can avoid hefty fines and protect their brand image.
Benefits:
- Regulatory risks & illegal activity identification.
- Reduce fraud losses
- Taxonomies aligned to (Financial Action Task Force) FATF recommendations
8. Ascent RegTech
Ascent RegTech is an AI-powered system that creates compliance assurance for financial companies. The tools designed to automate regulatory change management across the market allow compliance teams to address compliance issues promptly.
Benefits:
- Compliance assurance.
- Easy to track registration, paper submission, and rule adjustment.
9. Scienaptic
Finance professionals prefer this Scienaptic Gen AI tool for determining legacy scoring systems to predict lending to underserved consumers. This tool analyzes the financial behavior of the consumer and determines the credit scoring. Based on the scoring through data analysis, professionals improve their loan predictions and prevent misleading or unfair conclusions.
Benefits:
- Improves default loan predictions.
- Complete risk assessment.
10. CloudWalk
CloudWalk is an advanced AI tool used by FinTech firms to carry out credit scoring refinement through facial recognition and behavioral analytics. This tool refines the individual credit score based on data gathered from utility bills payments, and other financial transactions. The tool CloudWalk is designed to perform behavioral analytics of a customer from a surveillance video feed.
Benefits:
- Refines individual credit scores.
- Intelligent auditing and risk control.
11. DataGen
DataGen is a generative deep learning toolkit mainly used for data augmentation purposes by FinTech firms. This AI tool is designed to analyze the customer’s previous transactions, investments, and other financial records for more precise understanding. It helps finance professionals make decisions based on accurate data insights.
Benefits:
- Synthetic data samples
- Granular control with API
12. AI.Reverie
AI.Reverie is a gen-AI tool used to test FinTech applications and models by creating realistic synthetic datasets. This tool helps businesses to improve the AI accuracy based on the machine learning algorithms. The AI.Reverie tool creates a virtual world based on data simulation which is very effective in training AI.
Benefits:
- Robust testing of FinTech systems & models.
- Improves computer vision algorithms.
13. Mambu
Mambu is an AI-powered cloud banking platform FinTech firms use to develop financial portfolios. The presence of customized APIs in Mambu, allows finance companies to build personalized portfolio applications.
Benefits:
- Cost-effective financial services.
- Personalized loan offering to customers.
14. Kasisto
Kasisto is a conversational AI platform specifically designed to assist banking and other finance-oriented businesses. This conversational AI chatbot comes with the ability to analyze customer data and provides individualized financial guidance. FinTech firms widely use this AI chatbot across channels to provide excellent customer support service and financial guidance.
Benefits:
- Enhances customer interaction.
- Reduces workload of customer support agents.
15. Cape Analytics
Cape Analytics is a GenAI powered property intelligence tool used to assess the property instantly. FinTech companies prefer this tool for accelerating property related insurance settlements. The AI visual intelligence of Cape eliminates the tedious manual reviews of property insurance claims.
Benefits:
- Accelerates property insurance claims processing.
- Automated change detection.
- Geospatial analytics.
Let’s Conclude:
Financial companies can provide safer and more efficient services to their clients through FinTech AI. AI tools help FinTech companies reduce their staff’s data-analyzing workload and improve productivity. However, to take more from FinTech AI, companies should prefer hiring qualified AI developers from specialized AI development companies.