Napier has been named as one of the world’s top FinTech companies leveraging artificial intelligence (AI) to revolutionise financial services in the third annual AIFinTech100 list, compiled by specialist research platform FinTech Global. The list highlights the world’s most innovative companies working in AI and machine learning (ML) technologies to solve global challenges or improve efficiency in financial services. Those making the list were chosen by a panel of industry experts and analysts based on research produced by FinTech Global on over 2,000 FinTech companies. The frenzy of interest in the potential of AI meant that the selection process for this year’s AIFinTech100 list was exceptionally competitive.
A recent survey from The Economist found that 85% of banks have a clear strategy for adopting AI in the development of new products and services, with a report from Insider Intelligence claiming that by using AI, North American banks could benefit from a combined potential cost saving of $447bn in 2023.
FinTech Global’s Director Richard Sachar said, “Generative AI tools like ChatGPT have shown how advanced AI technology has become. Financial institutions will need to explore how they can leverage the latest AI and data analytics technology, or they risk being left behind by the competition. The new AIFinTech100 list gives senior decision-makers the knowledge of the best vendors in the market and those leading the charge on innovation.”
Napier’s Chief Executive Officer, Greg Watson, said, “We have long recognised the efficiencies that incorporating AI into anti-money laundering solutions can deliver. Napier’s solutions feature explainable AI, which is both regulator compliant and reduces false positives by up to 97%, allowing compliance teams to focus their efforts on truly suspicious behaviour. AI gives us a powerful weapon in our fight to drive the scourge of financial crime from society.”
A full list of the AIFinTech100 and detailed information about each company is available to download for free at www.AIFinTech100.com.
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