back Back

5 AI-driven FinTech firms supporting consumers, businesses in Europe

By Gloria Methri

July 17, 2023

  • AI
  • Bud Financial
  • collectAI
Share

AI, FinTech, Europe

The FinTech industry has been revolutionised by the integration of artificial intelligence (AI) in recent years. Start-ups are leveraging AI to improve efficiency, enhance customer experience, and mitigate risk in the financial sector.

For instance, AI-powered chatbots can handle customer inquiries 24/7, reducing the need for human customer support, and saving costs. Fraud detection and prevention systems powered by AI can analyse large amounts of data and identify anomalies that may indicate fraudulent behaviour.

In Europe, start-ups across the continent are turning to Big Data and machine learning techniques to answer challenges as diverse as the FinTech ecosystem itself.

With the global market for AI in FinTech expected to be worth $54 billion by 2032, let’s look at five startups that are paving the way in Europe.

Founded in 2015, Bud began life as an education platform. Now, Bud is a platform used by global companies to harness the power of data intelligence and to make life better for their customers. It is well-established in the Open Banking space, and its platform and new data sources allow consumers to access affordable and appropriate lending products, especially for those who might otherwise have trouble accessing credit.

Founded in 2016, CollectAI is a FinTech start-up from Germany that offers a digital, AI- driven payment and debt collection software platform to manage accounts receivables. The end-to-end process of e-invoicing, payment reminder mechanisms, and debt collection processes help companies to balance recovery rates, costs, and customer retention. The company claims it has more than €40 million in receivables under management.

Launched in 2015, OakNorth is a digital-focused challenger bank in the UK. It is the developer of an AI-powered platform called ON Credit Intelligence, which leverages process excellence, machine learning, and technology to drive data-driven decision-making across the loan lifecycle to help automate banking services. ON Credit Intelligence pulls in hundreds of data points on whatever industry the loan is to be applied in to analyse the credit risk.

Founded in 2012, Sentifi is a Swiss FinTech company that uses AI and machine learning to enable investors and other financial market stakeholders to tap into the online available intelligence of millions of persons and organizations. The platform allows financial analysts, portfolio managers, journalists, and other market participants to monitor the market and receive different signals not available in classical financial information systems. The technology also detects risk events that impact global financial markets and assets.

SESAMm enables companies to extract critical insights from the internet with AI. We provide ESG, sentiment, and thematic analytics by analyzing over 20 billion articles and messages using natural language processing. Our clients are major private equity firms, asset managers, index providers, and global corporations.

Also read: Applications of Artificial Intelligence In Banking Q1 2024

Previous Article

July 17, 2023

EnKash launches Olympus, an industry full stack business platform

Read More
Next Article

July 17, 2023

Car IQ & Visa team to launch digital payments for vehicles

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

AI

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Loop & J.P. Morgan Payments to boost working capital with freight payments

Read More

June 20, 2024

The Deep dive: Open Banking Vs BNPL

Read More

June 20, 2024

First Abu Dhabi Bank bolsters CLM operations with Fenergo

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023