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5 firms leveraging AI to transform the future of FinTech in USA

By Delisha Fernandes

November 06, 2023

  • borrowers
  • Brex
  • Credit Decisions
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Generative AI, Artificial Intelligence, AI in Banking, FinTech, Europe, Natural Language Processing, Machine Learning, SaaSThe Fintech industry has been undergoing a rapid and transformative evolution, and it’s no secret that artificial intelligence (AI) is playing a pivotal role in shaping the future of financial services in the United States. Companies 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 analyze large amounts of data and identify anomalies that may indicate fraudulent behavior.

AI can also personalise financial services and investment recommendations to individual customers, increasing engagement and satisfaction. Overall, companies that leverage AI in the FinTech industry can gain a significant competitive edge over others and have the potential to disrupt traditional financial institutions.

Here are 5 FinTech startups unleashing the power of AI to bring transformation in the industry:

Brex is an AI-powered, unified spend platform for corporate cards, expense management, reimbursements, travel, business accounts, and bill pay. Brex makes it easy for finance teams and founders to manage every aspect of global spend at scale by empowering their employees anywhere to make better financial decisions.

Enova is a financial technology company providing online financial services through its AI and machine learning-powered lending platform. Enova serves the needs of non-prime consumers and small businesses, who are frequently underserved by traditional banks. Enova has provided more than 8 million customers with over $49 billion in loans and financing with market-leading products that offer a path for them to improve their financial health.

Skyline AI is a real estate investment technology platform using proprietary artificial intelligence to outperform commercial real estate investment benchmarks. Mining data from hundreds of different sources and applying advanced artificial intelligence architectures to detect and exploit market anomalies, identify superior risk-reward investments, and discover untapped value creation opportunities. Skyline AI aims to create a new, more precise way to invest in real estate.

Upstart is an AI lending marketplace, connecting millions of consumers to 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customer’s demand.

Zest AI makes the power of machine learning safe to use in credit underwriting. Zest Automated Machine Learning (ZAML) software is the only solution for explainable AI in credit, and the platform automates risk management so that customers can focus on lending safely to more people. The company aims to make fair and transparent credit available to everyone.

Also read: Applications of Artificial Intelligence In Banking Q1 2024

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