Artificial Intelligence
The global AI in the Fintech market was estimated at USD 7.91 billion in 2020 and is expected to reach USD 26.67 billion by 2026. The market is also expected to witness a CAGR of 23.17% over the forecast period (2021 – 2026)
New York, March 29, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “AI in Fintech Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06039495/?utm_source=GNW
Further, data and the near-endless amounts of information are transforming AI to unprecedented levels where smart contracts will merely continue the market trend.
– In the finance industry, AI is used to examine cash accounts, credit accounts, and investment accounts to look at a person’s overall financial health, keeping up with real-time changes and then creating customized advice based on new incoming data. AI and machine learning have benefited the banks and fintech as they can process vast amounts of information about customers. This data and information are then compared to obtain results about suitable services/products that customers want, which has aided, primarily, developing customer relations
– Also, the increasing demand for process automation among financial organizations? is driving the market. Process automation is one of the significant drivers of Artificial Intelligence in financial organizations. However, it is further evolving into cognitive process automation, where AI systems can perform even more complex automation processes.? For instance, in May 2020, Traydstream, a FinTech that scans trade documents with artificial Intelligence (AI), partnered with Infosys Finacle to implement blockchain technology and further automate trade finance. The partnership will allow Finacle’s blockchain tech, called Finacle TradeConnect, to be integrated with Traydstream’s platform, which uses AI to scan documents and cut down the time it takes to check on rules or regulations in trade, where mistakes can be costly and time-consuming to correct.?
– Moreover, credit card companies are implementing predictive analytics into their existing fraud detection workflows to reduce false positives. For instance, in May 2020, SparkCognition, an industrial AI company, announced that the Japanese AI and fintech company, MILIZE Co. Ltd, would offer financial institutions fraud detection and anti-money laundering (AML) solutions. These solutions are built using the automated machine learning software of SparkCognition. As a result, the software detects fraudulent transactions with about 90% accuracy, which is anticipated to lead to a significant improvement in the credit card companies’ profitability
– AI is further on its way to becoming mainstream in Financial Services within the short term. For instance, according to a survey conducted by Cambridge Centre for Alternative Finance (CCAF) in 2020, 85% of all respondents in the study used some forms of AI, with the fintech companies being slightly ahead of incumbents in the adoption of AI. Owing to these benefits offered by AI technology, fintech companies are increasingly demanding based solutions. Moreover, the fintech industry is witnessing a significant increase in the number of start-ups. These players are also highly attracted to the adoption of Artificial Intelligence to automate and expand their businesses
– Additionally, as brick and mortar retailers continue to face challenges due to the onset of COVID-19 pandemic, many merchants are implementing point-of-sale financing alternatives as a potential new avenue for growth. Apart from utilizing current data like bank account statements for underwriting, these players are further using AI models to assess consumer behaviors based on their transaction history, product purchase, and other data points to create a sharper customer risk profile.?
– Also, banks and financial institutions are adopting AI solutions to harness information and insights locked away in unstructured documents and automate the manual process done traditionally by banks in double-quick time.?For instance, in April 2020, Temenos, the banking software company, announced the launch of eight propositions – using innovative Explainable AI (XAI) and cloud technologies to help banks and financial institutions in their immediate response to the Covid-19 crisis.
Key Market Trends
Quantitative and Asset Management? to Witness Significant Growth
– Fintech has been undergoing a continued evolution in the landscape of investment management. Advanced technology and solution adoption, including the use of big data, AI, and machine learning (ML) to help businesses evaluate investment opportunities, optimize their investment portfolios, and mitigate the associated risks have been clinical in the technology adoption.
– The investment advisory services, for instance, are undergoing radical changes with the growth and evolution of automated wealth advisers. These advisers can assist the investors without the intervention of a human adviser, and can also be used in combination with a human adviser. It extends the ability to provide tailored, actionable advice to its investors with ease of access, at a partially lower cost.?
– In the area of financial record keeping, blockchain, and distributed ledger technology are augmenting the AI adoption by creating new ways to record, track, and store transactions for financial assets. For instance, Sentifi, a Swiss Fintech company established in 2012, uses AI and ML to enable investors and other financial market stakeholders to tap into the online available financial intelligence of millions of persons and organizations.
– Furthermore, asset management companies can gain substantial benefits through the adoption of AI and ML. These technologies can help provide real-time actionable insights and facilitate portfolio management decisions. Sub-sets of AI can empower asset managers to streamline processes to optimize investment decisions and processes.
– In October 2019, MDOTM, and Raiffeisen Capital Management, one of Austria’s largest fund managers, announced a new strategic partnership. With this new initiative, the range of Raiffeisen Capital Management’s sustainable funds would be used by MDOTM to provide to the market SRI investment solutions that benefit from the efficiency brought by AI technology in portfolio construction.?
– Moreover, In May 2020, Boosted.ai, the prominent distributed ML platform for global investment professionals, announced the closing of a USD 8 million USD Series A financing round. Boosted.ai would use the funding to continue improving Boosted Insights, its proprietary ML platform that empowers portfolio managers, analysts, and chief investment officers (CIO’s) to augment their existing investment processes, source new ideas and manage risks.
North America Accounts for the Significant Market Share
– North America is one of the largest and most advanced markets for A.I. in the world. The region has also registered the maximum adoption of A.I. in Fintech solutions due to the strong economy, robust presence of prominent A.I. software and system suppliers, and combined investment by government and private organizations for the development and growth of research & development activities.
– According to Baker McKenzie, the ongoing economic expansion in the U.S. has attracted considerable investment in the fintech sector. Payments and Insuretech continue to dominate the landscape of the fintech sector in the country. According to C.B. Insights, the country’s fintech startups have witnessed about 70+ mega-rounds of funding accounting to more than USD 100 million,
– In 2019. SoFi, a personal finance platform based out of the San Francisco, has raided the maximum amount (USD 500 Million) in a Series G Round. SiFi is followed by Klarna (USD 460 Million), Robinhood (USD 323 Million), Home & rental insurer Lemonade (USD 300 Million), etc.
– Some of the investments in the field of A.I. are such as, in June 2020, Betterview, a US-based insuretech, and A.I. startup, has secured an additional of USD 7.5 million, adding up to USD 17 million from Maiden Re, a reinsurer based out Bermuda. The A.I. startup utilizes computer vision and A.I., to capture and analyze imagery of data for buildings and properties throughout the U.S. to be used by the property insurance industry in underwriting.
– Moreover, the region accounts for a significant share of the millennial population, particularly the United States. Millennials have a clear preference for accomplishing tasks through digital applications and services that fintech companies are better at providing than banks, in terms of speed and personalization. According to U.S. Census Bureau population estimates, there are around 72.1 million millennials, as of 2019. However, according to Digital Banking Report 2019, the adoption rates of fintech services in Canada (50%) and the U.S. (46%) are some of the lowest.?
– According to the World Payments Report published by World Bank, this region has one of the highest penetration, in terms of citizens’ bank accounts, and has the highest concentration of ATMs per 100,000 people. The above factors significantly drive the market in the region.
Competitive Landscape
AI in Fintech market is moving towards fragmented owing to the presence of many global players in the market. Further various acquisitions and collaboration of large companies are expected to take place shortly, which focuses on innovation. Some of the major players in the market are IBM Corporation, Intel Corporation, Microsoft Corporation, among others. Recent developments in the market are –
– April 2020 – Fenergo, the provider of digital transformation, customer journey and client lifecycle management (CLM) solutions for financial institutions, and IBM signed an original equipment manufacturing (OEM) agreement that will allow the companies to collaborate on solutions that can help clients address the multitude of financial risks they face.?
– May 2020 – Sentifi AG announced the expanded alternative data-based analytics to surface investment opportunities and manage risks. Sentifi’s new analytics solution includes detection of the sector, industry outliers, ESG events with potential asset valuation impact, and investment themes trending real-time while offering investors the ability to detect outliers within their portfolio. Investors can assess portfolio sentiment performance to the custom benchmark and quickly identify significant market events and impacted sectors, industries, and assets.
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Artificial Intelligence
IBS Software Announces Appointment of New Chief Executive Officer Somit Goyal
DUBAI, UAE, June 17, 2024 /PRNewswire/ — IBS Software, a leading SaaS solutions provider to the travel industry globally, has appointed Somit Goyal as its new Chief Executive Officer (CEO), effective immediately. Somit succeeds Anand Krishnan, who served as CEO of IBS Software since 2018.
Somit Goyal brings a wealth of experience in the enterprise software sector, having held leadership roles at globally renowned companies such as Microsoft, SAP, Oracle and AOL.
During his 11-year tenure at Microsoft, Somit held several leadership roles across strategy, operations, sales and customer success. In his last role, he managed the global sales of Microsoft’s Modern Work cloud business, and before that, Somit served as the Chief Operating Officer of Microsoft’s Public Sector business worldwide. Somit also conceived and established the Customer Success function at Microsoft, an area of growing importance for IBS Software as it continues to expand globally.
Most recently, Somit served as President and COO of Pluralsight, a SaaS company, where he oversaw product, engineering and GTM functions.
“Somit’s impressive experience in operating global SaaS businesses, leading diverse teams, and managing all facets of enterprise software make him exceptionally well-suited to lead IBS Software during this exciting phase of growth,” said V K Mathews, Executive Chairman of IBS Software. “IBS Software is at a pivotal point in its trajectory as we continue to innovate to better serve our customers. I am confident Somit will help unlock our full potential.”
With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including passenger services, flight operations, cargo and logistics, loyalty management, cruise operations, energy & resource logistics and hospitality businesses.
“With a broad portfolio of industry leading products, marquee customers and a talented team, with deep domain expertise IBS Software stands at the forefront of travel industry innovation. I couldn’t be more excited to join IBS Software and help lead it through its next exciting chapter.” said Somit Goyal, who holds an electrical engineering degree from the Indian Institute of Technology (IIT) in New Delhi, India and an MBA from INSEAD, France.
Somit will report directly to IBS Software Executive Chairman V K Mathews.
ABOUT IBS SOFTWARE
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air cargo management. Across the hospitality sector, IBS Software offers a cloud-native, unified platform for hotels and travel sellers, including central reservation (CRS), property management (PMS), revenue management (RMS), call centre, booking engine, loyalty and distribution. For the tour & cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 17 offices across the world.
Further information can be found at www.ibsplc.com Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram
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Artificial Intelligence
ATFX Integrates PriceOn™ from TraderTools to Enhance Global Group Trading Efficiency
HONG KONG, June 17, 2024 /PRNewswire/ — ATFX has announced a significant enhancement to its global trading infrastructure with the integration of PriceOn™ from TraderTools. ATFX is set to revolutionize how the firm manages trading flows from current institutional and retail clients, ultimately improving pricing and execution experiences, alongside attracting new clients with data and risk metrics driven confident, unique pricing.
Enhancing Client Experience
PriceOn will empower ATFX to manage trading flows more effectively and efficiently, ensuring clients benefit from superior execution and competitive pricing. The advanced technology underpinning PriceOn, which leverages artificial intelligence and sophisticated algorithms, is designed to handle complex client flows seamlessly. This capability will enable institutional clients flows to match with a broad range of retail client flows, (and vice-versa) even those with challenging characteristics, without compromising execution performance.
Advanced Technology and Client-Centric Approach
PriceOn’s AI-based algorithms represent the cutting edge of trading technology, providing precise and strategic execution that maximizes profitability for clients. Unlike traditional models, this partnership focuses on delivering enhanced returns for ATFX’s global clients.
Building an Integrated Trading Ecosystem
By integrating PriceOn, ATFX is bridging the gap between retail and institutional trading environments, fostering a cohesive ecosystem that supports diverse global trading needs. This strategic move aligns with ATFX’s broader project of creating an integrated trading environment where different client types can interact seamlessly.
Client-Centric Vision
As Chairman of ATFX, Joe Li expressed his excitement about the integration of PriceOn from TraderTools to enhance ATFX pricing. He stated, “This strategic partnership will revolutionize our pricing capabilities and provide our clients with more competitive and accurate pricing. We are committed to constantly adapting and improving our services to meet the ever-evolving needs of our clients.”
The integration of PriceOn into the ATFX platform is the latest milestone that underscores the company’s dedication to innovation and excellence in trading solutions. Acquisition of regulatory licenses in South Africa and Australia, hiring of key senior industry executives and now the integration of PriceOn confirm ATFX’s position as a vanguard of the industry.
This strategic enhancement will not only improve pricing but also provide clients with a more efficient and profitable trading experience.
About ATFX
ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities, including the UK’s FCA, Cypriot CySEC, UAE’s SCA, Australian ASIC, and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experiences to clients worldwide.
For further information on ATFX, please visit ATFX website https://www.atfx.com.
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Artificial Intelligence
Personetics Recognized by Celent as a Global Leader in Personal Financial Engagement (PFE) for Retail Banking
Beyond PFM: “Leader in proactive customer engagement” lauded for AI-powered PFE in Celent report
NEW YORK, June 17, 2024 /PRNewswire/ — Personetics, the global leader in AI-based personalized engagement solutions for financial institutions, has been prominently featured in a new report from leading analyst firm Celent titled “Personal Financial Engagement Solutions for Retail Banking.” The report provides an in-depth analysis of the rapidly evolving personal financial engagement (PFE) solution space and the capabilities of 13 vendors.
The Celent report highlights how PFE solutions have advanced significantly beyond basic personal financial management (PFM), spending analysis and budgeting tools – utilizing real-time analytics, AI, and rich transaction data to provide tailored recommendations, automated goal tracking, and proactive guidance and automated journeys directly to banking customers.
As the report states, “Customer engagement is becoming the primary way banks deliver ongoing value to their customers … delivered continually through highly personalized and often proactive engagement,” and “financial institutions should sharpen their thinking about customer engagement through financial wellness and adopt an updated approach to PFE.”
Personetics is recognized as a global leader, with the report noting its “mature and evolving product covering well-defined components of customer engagement and bank value.” It highlights Personetics’ powerful no-code tools that allow financial institutions to develop custom, financial data-driven actionable insights and to quickly deploy journeys, as well as differentiated proactive and automated savings propositions.
“Personetics has been a leader in proactive customer engagement and enrichment of the digital banking experience for over a decade,” states the Celent report. Its “offering is tightly focused on ROI for banks, supporting a number of retention, deposit growth, and cross-sell/service opportunities.” The report cites several of Personetics’ larger bank clients that “have achieved impressive customer engagement with this platform” which ultimately “should return measurable value to the organization.”
The report emphasizes how PFE solutions enable financial institutions to drive stronger customer engagement, retention, deposit growth and cross-selling opportunities by incorporating personalized financial wellness capabilities into their digital banking channels.
As one of Celent’s key recommendations, it advises banks to “incorporate PFE into a wider customer financial wellness program” to multiply value and engagement.
“We’re honored to be recognized as global leaders in Celent’s authoritative new report on the personal financial engagement landscape,” said Udi Ziv, CEO of Personetics. “This recognition validates our long-standing vision and commitment to helping FIs transform routine transactions into valuable personalized experiences that improve financial wellness and build lasting customer loyalty.”
Learn More at the Upcoming Webinar
Personetics’ VP of Strategy and Business Development Dorel Blitz, and Celent analysts Bob Meara and Michael Bernard, will explore the power of PFE in an exclusive webinar on June 26. “Beyond PFM: The Rise of Impactful PFE (Personal Financial Engagement)” will dive deeper into the key findings and recommendations from Celent’s report, provide a roadmap for banks to craft and implement an effective PFE strategy, and showcase real-world examples of financial institutions driving impact with Personetics’ solutions. Register for the webinar to secure your spot.
Download a free copy of the Celent Report: “Personal Financial Engagement Solutions for Retail Banking” to gain a deeper understanding of the PFE landscape and how it can benefit your financial institution.
About Personetics Personetics is the global leader in financial data-driven personalization, enabling financial institutions to forge deeper relationships by enhancing clients’ financial wellness and helping them make smarter decisions. Personetics reaches 135 million customers across 35 global markets while serving more than 100 financial institutions. Personetics’ AI analyzes financial data in real-time to understand customer financial behavior, anticipate needs, and deliver a hyper-personalized experience with day-to-day actionable insights, personalized recommendations, product-based financial advice, and automated financial wellness programs. The company has offices in New York, London, Singapore, São Paulo, and Tel Aviv. For more information, visit www.personetics.com.
Media Contact for PersoneticsMichal Milgalter [email protected]+972-52-3571981
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