Fintech startups are using artificial intelligence to improve and expand credit offerings, insurance options, personal finance services, and regulatory software. Read on to discover five AI startups to watch.
What it does: Uses algorithms to generate a new credit score to help people qualify for essential financial products. It uses machine intelligence to factor in the character and capacity of applicants, helping to supplement the thin credit history of young adults or the self-employed.
United States and Portugal
What it does: Applies AI to credit risk. Its risk management tool has been adopted by financial institutions in Europe, the U.S. and Latin America. The tool, called James.finance, is used by risk officers to help them achieve lower default rates. The interface aims to give professionals a higher predictive power through machine learning and advanced optimization.
What it does: Combines machine learning algorithms, data from public profiles on the Internet and other factors to rate people and then loan them money for their small businesses. The company says it has served over 100,000 small businesses through its platform, extending more than $3 billion in the United States. (photo above)
What it does: Enables financial institutions to add virtual assistants and smart bots to their mobile apps, websites and messaging platforms. Its AI-powered chatbot KAI answers questions about a user’s personal finances, among more than 1,000 other questions. Its clients include Royal Bank of Canada and Mastercard.
Kensho Technologies Inc.
Uses data analysis and machine intelligence to provide analytical tools for capital markets. Its products include Acumen, a research and analytics platform that offers quantitative analysis for financial professionals. The company also provides statistical computing and financial risk analysis applications.
What it does: Uses machine learning and behavioral analytics to provide corporate debt-collection services. TrueAccord’s technology crawls publicly available data on debtors and automatically chooses which collection approach is most likely to convince debtors to cooperate.