MEDICI Top 21 – AI: Unveiling the Leading Companies Applying AI to Build Next-Gen Financial Services Solutions

July 18, 2017     By : Nicolo Petrone

Let’s Talk Payments is dedicated to researching and examining the ideas, people, and companies using technology to change financial services. Earlier this year, we launched MEDICI Top 21 – AI to identify and showcase the most innovative AI startups disrupting the financial services industry across the globe.

The MEDICI Top 21 series has already seen tremendous traction with the two previous competitions: MEDICI Top 21 Blockchain and the MEDICI Top 21 InsurTech respectively launched in May and August 2016.

Over 300+ companies have been analyzed; after rigorous screening & evaluation by our selected team of judges and our in-house experts, the LTP team is delighted to announce the Top 21 Winners – across three regions: EMEA, APAC, and the Americas.

MEDICI Top 21 – AI: Unveiling the Leading Companies Applying AI to Build Next-Gen Financial Services Solutions

MEDICI Top 21 – AI: Our partners

Evaluation Criteria

The MEDICI team worked very closely with our partner judges to create an evaluation framework that could be applied across the multiple AI verticals and across the different stages of product development – all with a market capitalization lower than USD 400M.

Our judges rated each company across seven major parameters to determine this year’s Top 21 AI winners. Some of the parameters:

MEDICI Top 21 – AI: Unveiling the Leading Companies Applying AI to Build Next-Gen Financial Services Solutions

The Leading Companies Applying AI to Build Next-Gen Financial Services Solutions

MEDICI Top 21 – AI: Unveiling the Leading Companies Applying AI to Build Next-Gen Financial Services Solutions

The Top 7 AI Startups in the Americas

Finn.ai

Finn.ai transforms banking from the static, one-size-fits-all destination websites and mobile apps to an intelligent personal chatbot assistant. Mobile optimized out of the box, its white label enterprise-grade platform ensures customers are empowered to connect with a business the same way they connect with their friends – by voice and text.

Narrative Science

Narrative Science is the leader in advanced natural language generation for the enterprise. Its Quill™ platform is an intelligent system that analyzes structured data from disparate sources, understands what is interesting and important, and then automatically generates perfectly written narratives to convey the right meaning from the data for any intended audience, at machine scale.

Loop.ai

Loop AI Labs is a California company that is working to radically change how machines can autonomously learn and understand the human world, mirroring the same learning process that humans use. Loop AI offers a cognitive platform called “Loop Q,” which has the ability to reason on unstructured data in any language and apply that human capacity knowledge in the Cognitive Robotic Process Automation. Its intangible software robots automate repetitive tasks as well as support and augment human workforce.

Forward Lane

ForwardLane is a B2B applied artificial intelligence company that supercharges digital advisory and distribution in private wealth management, asset management, and insurance. By synthesizing the collective intelligence of the firm with quantitative insights and market intelligence – client-facing professionals get instant, personalized stories for their clients. Get analyst-level insights from the Q&A expert system and see trending themes across the workforce with real-time analytics. Designed by a multidisciplinary team of quants, AI PhDs and leading financial services engineers, ForwardLane’s proprietary intelligence layer invisibly integrates with existing firm infrastructure bringing dramatic productivity gains and ambient intelligence to the daily workflow.

Numerai

Numerai has developed a capital allocation platform for investors using artificial intelligence. Users are invited to download the data and build their own algorithm, targeting regions or sectors of the stock market.

Alpaca.ai

Alpaca is developing deep learning software to optimize workflows and to scale human expertise. The company is providing machine learning algorithms for trading platforms and also empowers professionals with latest AI Technology.

Kasisto

Kasisto’s conversational AI platform, KAI, enables companies to attract, engage, and transact with their customers via human-like and intelligent conversations anytime, anywhere. KAI is an omnichannel platform powering smart bots and virtual assistants across mobile apps, messaging platforms, websites, wearable, and IoT devices. It’s like having a single AI-driven “brain” that engages with customers to increase acquisition and engagement and reduce churn and customer care costs.

The Top 7 AI Startups in EMEA

Neosurance

Neosurance is a virtual insurance agent for insurance disruptors and reinsurers that want to sell contextual insurances. Neosurance’s Virtual Insurance Agent is delivered as-a-service and paid on performance. Neosurance delivers the right insurance at the right time to create great customer experiences that meet customer needs and drive the use of mobile insurance. Recently, the company was selected by BBVA Open Talent AI program 2017.

Fraugster

Fraugster offers an artificial intelligence and behavioral analytics platform for online payments. It helps its users to protect themselves against fraudulent attacks and increase profits for customers.

Spixii

Spixii has developed AI-powered insurance platform for insurers. It is a digital chatbot designed to communicate via messages in an automated fashion with individuals. The platform uses neuro-economics and contextual data from multiple sources to make buying insurance convenient, engaging, and informative. Thereby, it enables insurers to interact with customers and sell insurance. It offers a tech-enabled, customizable, front-end solution to insurance companies and retail banks.

Plum

Plum has developed a personal savings assistant solution for customers. It is an AI-powered Facebook chatbot that enables users to start saving small amounts of money. The chatbot connects current account and Plum’s AI learns user’s spending habits, allowing it to automatically deposit small amounts of money into their Plum savings account every few days

Giosg.com

Giosg is an AI-powered chatbot platform for customer service solutions in banking, insurance, e-commerce, real estate, etc. It allows retail banks to reach potential customers at the moment of decision-making on sites where ads aren’t allowed.

Shift Technology

Shift Technology provides insurance companies with SaaS solutions that utilize advanced data science and machine learning/artificial intelligence to help insurers detect claims fraud in the Health, Property, and Casualty segment (P&C).

MotionsCloud

MotionsCloud provides mobile & artificial intelligence claims solution for non-life insurers to streamline & automate claims processes that take three weeks to three hours on average. It improves the customer experience with mobile, artificial intelligence (AI), and video-enabled technologies which can integrate with legacy systems.

The Top 7 AI Startups in APAC

Tookitaki

Tookitaki provides a machine learning platform to optimize workflows for financial institutions, primarily in the operations and compliance space. Tookitaki’s USP is in its approach where it combines self-learning capabilities and predefined workflows in Recon Break Management, False Alert Management, and Risk Reporting Management to bring in at least 40-50% operational efficiency.

Solidware

Solidware provides AI-powered predictive modeling tools for financial enterprises. Solidware provides a software tool to accumulate an enormous amount of data with high accuracy and speed. This machine learning-based software tool works on predictive modeling for underwriting, pricing, credit scoring, customer retention and product offering.

Active.AI

Active AI provides a SaaS platform that uses artificial intelligence technology to improve customer engagement solutions for banks, wealth institutions, and financial companies. It provides a conversation banking platform that uses advanced NLP and machine intelligence to enable customers to have natural dialogues over messaging, voice or IOT devices. The chatbot can get balances, view transactions and make payments. With the help of the automation platform, customers can easily communicate with their concerned companies without any hassle. In June 2017, the company was selected for Think Next 2017 (by Microsoft’s accelerator program). Currently, the company is improving its product technology in addition to looking for customers and strategic partnerships.

Jewel Paymentech

Jewel Paymentech develops intelligent risk technologies for the banking and electronic payments industry by using AI, machine learning technology, and predictive analytics. It offers solutions to help banks and payment facilitators conduct merchant due diligence and manage fraud risks using predictive analytics. It also provides automated solutions to marketplaces to identify merchants who sell illegal and counterfeit goods. Jewel Paymentech was a recipient of the ACE startup grant awarded by SPRING Singapore. In 2015, Jewel was named by SWIFT as one of the most promising FinTech companies in Asia. Recently, the company was selected by Wells Fargo’s accelerator program in 2016.

Boundlss

Boundlss is a technology company that analyzes behavioral patterns of different sets of the population. The analytics platform spots the key patterns of different teams and provides personalized recommendations for living healthier lives and improves efficiency.

Morph AI

Morphi.ai has developed a B2B AI-powered chatbot that enables companies and brands to showcase their products and services on social media platforms, and text messages through a chatbot. It provides plug-and-play solutions for companies to build powerful chatbots that can reduce retention costs and make customer acquisition easier. It was a part of the NASSCOM 10000 startups. Recently, the company was selected by Yes Bank’s 2017 accelerator program.

Niki.ai

Niki is an AI-based automated virtual chat agent that can accept customer orders and get it fulfilled through its partnered merchants. The chatbot platform can be used for 20 services includes recharges, paying utility bills, booking cab/hotel/flight tickets, laundry services, food and grocery ordering, etc. Niki leverages natural language processing and machine learning to converse with customers over a simple chat interface, and place orders on their behalf in seconds with partner businesses. It was a part of SwissRe’s InsurTech accelerator program in 2016. Niki.ai aims to create a smart marketplace for the e-commerce industry.

We Have to Connect With Startups to Innovate – Interview With Erico Fileno, Head of Innovation at Visa, BrazilAbout MEDICI

MEDICI, FinTech’s global knowledge network for collaborative innovation, is used by the world’s financial institutions, FinTech investors, and innovation programs to boost the process of open innovation and connect with emerging players. MEDICI provides unique industry insights and startup access, sourced directly from 7,500+ FinTech/InsurTech companies globally, with deep segment analyses by domain experts across 45 FinTech sectors, supported by on-demand strategic consulting and bespoke research. It is a powerful tool to accelerate a company’s growth strategy through quick identification of target companies for a commercial relationship, partnership, investment or acquisition.

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Nicolo Petrone

Nicolo is a passionate entrepreneur with keen interest in Fintech Industry.He has a background in economics and business and writes article on LTP about the latest technologies in the Payment sector.