Market Share of AI in Fintech Industry
AI in the Fintech market is moving towards fragmented due to many global players. Various acquisitions and collaborations of large companies are expected to occur shortly, focusing on innovation. Some major players in the market include IBM Corporation, Intel Corporation, Narrative Science, and Microsoft Corporation.
In February 2023, Baiduri Bank in Brunei chose Singapore-based Software-as-a-Service (SaaS) fintech Finbots.ai to modernize its credit risk management with artificial intelligence (AI). According to Finbots.ai, its AI credit modeling solution, creditX, will allow Baiduri Bank to design and deploy high-quality credit scorecards in a fraction of the time and cost. This will minimize credit risk, increase efficiency and agility for retail and small and medium-sized organizations (SMEs), as well as expedite the bank's financial inclusion campaign for the underserved credit market.
In February 2023, Scotiabank introduced a new tool, Scotia Smart Investor, to give customers greater asset control. The Canadian lender introduced the new device via assistance+, combining AI-powered recommendations with real-time personalized assistance. Scotia Smart Investor was created by Scotia Securities, Scotiabank's linked mutual fund dealer. The tool, which includes an AI-powered advice engine, will assist users in designing, planning, monitoring, and updating financial goals.
AI in Fintech Market Leaders
IBM Corporation
Intel Corporation
ComplyAdvantage.com
Narrative Science
Amazon Web Services, Inc.
*Disclaimer: Major Players sorted in no particular order
