One of the two task forces announced to be formed by the US House Committee on financial services will be investigating the use of artificial intelligence technologies (AI) for FinTech. The focus of the task force will be to examine digital identification technologies using AI to reduce fraud. It will also look into issues such as regulating ML in the financial services industry, risks associated with algorithms & big data, and the impact of automation on jobs and the economy in the US. AI has been one of the hottest technologies used by emerging FinTech players. It is used in automation, social media analytics & intelligence tools, cybersecurity, fraud prevention, and other areas. The use of AI in global banking is estimated to grow from a $41.1 billion[1] business to $300 billion by 2030. There is a long list of US-based FinTech companies leveraging AI, which are at the forefront of this growth story. Here is a list of 21 such exciting startups well-known for their AI tech:
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Dataminr[2] was founded in 2009 and has raised $577 million in total funding. Dataminr develops modular desktop and API products that provide custom signal creation, integration of data sets, and back-testing services. Dataminr transforms real-time data from Twitter and other public sources into actionable signals, identifying the most relevant information in real-time for clients in finance, the public sector, news, security, and crisis management.
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Automation Anywhere[3] was founded in 2003 and has raised $550 million in total funding. The company offers an AI/ML-leveraged cognitive Robotic Process Automation (RPA) & digital workforce platform for banks and financial institutions, enabling them
