360Quadrants powered by MarketsandMarkets, the world’s only comparison platform that combines expert analysis with crowdsourced reviews, has released a quadrant on AI in Fintech Solutionsto help businesses make quicker and more informed decisions.
Artificial Intelligence (AI) in Fintech refers to the theory and development of computer systems capable of performing finance-related tasks that usually require human intelligence. It is an application of AI technology used in the financial sector to design investment strategies, detect anomalies with pattern & voice recognition, and conduct market analysis with data mining. The AI in Fintech solutions market for this quadrant is defined as the summation of AI-enabled Fintech solutions and services.
For this quadrant, the components of AI in Fintech are mainly segmented into solutions and software. Major application areas of AI in Fintech solutions are virtual assistants, business analytics & reporting, and customer behavioral analytics. These solutions have been analyzed based on cloud and on-premise deployment.
Microsoft has been identified as a visionary leader in the AI in Fintech space given its extensive product features, high product quality, reliability, suitable channel strategy, and wide geographical footprint. 360Quadrants also lists competitors of Microsoft in AI in Fintech space.
AI in Fintech offerings from Microsoft aim to deliver valuable insights and intelligence from data. The company has an established product portfolio with a robust market presence and business strategy. Some of the major developments of the company include:
Saxo Bank and Microsoft partnered to shape the future of cloud services in the financial industry
Microsoft Corp. and Saxo Bank entered into a partnership to run the entire technology stack of Saxo Bank on the Microsoft Cloud. Financial services are at a transformational tipping point. It is a key for financial organizations to harness data and cloud services as a strategic asset, shifting from hindsight to foresight closely hinged on security, privacy, and regulatory compliance.
CognitiveScale offers AI for Financial Services on Microsoft Azure
CognitiveScale collaborated with Microsoft to bring together Microsoft Azure and industry-specific machine intelligence software. This collaboration is expected to accelerate the adoption of artificial intelligence in the financial services industry to transform office operations for clients. The augmented intelligence solutions provided by CognitiveScale extend human and process intelligence.
NAB and Microsoft collaborated to build a card-less ATM concept using AI
NAB and Microsoft collaborated to design a card-less Automatic Teller Machine (ATM) concept using cloud and Artificial Intelligence (AI). This concept improves customer experience by removing the need for physical cards instead needs a pin and facial recognition to withdraw cash from ATMs.