7 Top AI Companies in Finance Industry in 2023

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7 Top AI Companies in Finance Industry in 2023

Artificial intelligence brings a modern approach to the traditional banking and finance sector. It plays a vital role to strengthen internal processes and increase customer experience. Here, we’ll discuss the role of AI in the finance industry and the leading AI companies offering advanced solutions in the global market. 

Artificial intelligence has established its presence in many industries, including finance. In fact, around 50% of financial establishments have moderately incorporated AI in their process. According to Statista, 35% of them have fully functional AI systems, while only a 3% haven’t yet adopted artificial intelligence in the finance industry. 

A limited survey conducted by NVIDIA showed that almost half the respondents were migrating their IT infrastructure to hybrid could to optimize the performance of their AI tools. The survey also reported that banks and trading firms are busily adopting advanced technologies like NLP (natural language processing), large language models, fraud detection software, portfolio optimization tools, etc., to enhance customer experience. Intelligent avatars and speech AI are also being used by finance and insurance companies. 

Furthermore, the companies have stated that using artificial intelligence in corporate finance has increased customer experience by up to 45% and operating efficiency by up to 35%, alongside reducing the cost of ownership by up to 20%

Moving from traditional banking methods to modern methods using AI is beneficial in many ways. Most banking and insurance firms partner with AI FinTech companies to speed up the adoption process and reduce the overall cost of revamping their systems. It also allows financial establishments to access expert talent without hiring them as in-house employees. 

This blog is dedicated to the role of AI in the finance industry and the top companies that offer offshore services to banks, trading firms, insurance agencies, etc. 

Uses of Artificial Intelligence in the Finance Industry 

AI financial advisory startups offer strategic solutions and build artificial intelligence-based tools exclusively based on the bank’s requirements. AI companies also customize existing tools and dashboards to integrate them with banking software to streamline daily operations and facilitate effective decision-making. Let’s look at some popular uses of artificial intelligence in the finance sector. 

Personalized Wealth Management 

Banks and investment firms can offer personalized suggestions for wealth and portfolio management using NLP (natural language processing) and machine learning algorithms. You can set up chatbots that provide 24*7 support to customers and help them make the right investment decisions based on their personal data. 

Fraud Detection and Cybersecurity 

The increase in online fraud has forced finance establishments to use advanced software and applications to detect such cases in the early stages and prevent losses. Banks, insurance companies, etc., can rely on fraud detection software to flag users or transactions that raise red flags and alert the managers. Similarly, AI tools can also be used to increase data security and minimize the risk of data theft through security breaches. For example, a FinTech company in Sweden could reduce the rate of fraudulent transactions by 47%. 

Loan and Risk Assessment (Corporate) 

AI has different roles in the corporate banking sector. From determining the risk of approving loan applications to improving underwriting, artificial intelligence is used in different ways to mitigate risk and increase ROI. For example, US Bank uses AI to analyze customer data and identify risky members. This is done to prevent money laundering through their bank accounts. 

Another example is where an African-based company streamlined data sources for credit risk assessment by integrating its systems with an NLP engine and using a data warehouse to collect data from multiple credible sources. 

Top AI Companies in Finance Industry

Statistics show that more than 75% of millennials would never go to a bank branch if they can complete transactions online. They prefer mobile banking services with chatbots, personalized recommendations, and more. 

The finance industry can cater to customers’ requirements by partnering with the best artificial intelligence companies. A few of them are listed below. 

1. DataToBiz 

DataToBiz is among the leading companies in artificial intelligence from India. It has clients from different countries like the US, UK, Australia, the Middle East, India, South Africa, and more. The company offers complete AI and ML services to small, medium, and large organizations from different industries. It has offered custom FinTech solutions to IDBI Bank, ICICI Bank, NPCI, etc.

The company’s AI services include strategic planning, pilot implementation, platform customization, big data analytics, digital transformation, IoT (Internet of Things), and many more. DataToBiz has won several awards in the artificial intelligence industry. It has a team of expert AI and ML engineers who work in tandem with the clients to set up and streamline internal processes. 

It also offers the following services:

  • Data warehousing 
  • Data analytics and data science
  • Vision analytics
  • IT staff augmentation 
  • BI implementation 
  • Tableau and Power BI implementation 

Banks and other financial establishments can rely on the company to adopt advanced and emerging AI tools to create innovative financial products, enhance customer satisfaction, mitigate risk, improve data security, and provide intuitive dashboards to employees for real-time decision-making. 

2. HighRadius

HighRadius is one of the best AI companies in the global market. It offers automation software for CFOs and has helped 700+ clients from around the world. The company specializes in building robust and out-of-the-box AI solutions in the accounting and finance sector. It also works with organizations from other industries like retail, insurance, pharma, life sciences, etc.s

The automation solutions by the company are designed to help with DSO (Days Sales Outstanding) reduction, working capital optimization, and bad debt reduction and to increase overall productivity in less than six months.

HighRadius offers services such as:

  • Cash management 
  • Account reconciliation 
  • AI and ML algorithms 
  • Enterprise treasury software implementation 
  • Credit risk app customization 
  • Domain-specific big data solutions, etc. 

The company has developed autonomous tools to manage receivables, treasury, and reporting in detail. The various products of the company are used to process more than $4.7 trillion in transactions per day. It has clients like Unilever, Hershey’s, Kellogg Company, etc. 

3. Darktrace

Darktrace is one the top AI companies in finance, offering a range of products to enhance cybersecurity for its clients from 110 countries around the globe. The company has developed self-learning AI that offers powerful solutions to help businesses understand their processes and customers to the minute detail. It emphasizes the need for advanced cybersecurity applications to protect the bottom line. 

The company’s Darktrace Cyber AI Loop uses continuous feedback by connecting the different products it offers. It has a research center in Cambridge, UK, to develop technologically-backed innovations that can increase the benchmarks in cybersecurity. Darktrace has 125+ patents. It also has a presence on different continents. 

The products developed by Darktrace are:

  • Darktrace Prevent 
  • Darktrace Detect
  • Darktrace Respond 
  • Darktrace Heal

It covers all core areas like cloud, apps, network, email, endpoint, zero trust, and OT to ensure complete protection, fraud detection, and enhanced security services for various establishments. The company is a partner of Microsoft, AWS, and McLaren. It was named the Most Influential Companies in 2021 by TIME magazine. 

4. ZestFinance (Zest AI)

ZestFinance has rebranded itself as Zest AI. It develops AI algorithms to build profitable lending systems in the finance sector. The company uses cutting-edge technologies to enhance its AL and ML tools to help lenders increase approvals without worrying about losses or risks. Zest Model Management System developed by the company is an advanced credit model management system that provides real-time insights to employees. 

The company works with banks, specialized lenders, and credit unions to provide a range of AI products and services to increase the overall efficiency and performance of the clients. It also builds custom ML models to exactly align with the client’s requirements. 

Some services by Zest AI are as follows:

  • Fair lending practices 
  • Risk management and loss control
  • Increasing operational efficiency 
  • Automate credit decision-making 
  • Enhance borrower experience

Zest AI has a diverse team of experienced professionals who build, deploy, customize, and deliver innovative AI solutions in the highly regulated finance industry. The company’s main objective is to enable social equity by reducing bias, increasing transparency, and enabling wider credit access. 

5. Alphasense

Alphasense is a marketing intelligence service provider that empowers businesses, banks, and financial organizations to make smarter decisions with confidence and speed. The company has its HQ in New York, USA, with offices in other countries like England, India, etc. It has developed artificial intelligence-based products like Wall Street Insights® that deliver search results in seconds. The use of AI and NLP technology makes the platform powerful and accurate. The platform can be connected to 1000+ data sources and streamlines data flow. 

The company was rated #1 in Financial Research by G2 for delivering tailor-made solutions in the industry. It also provides corporate services like strategizing, competitive intelligence, investor relations, and more. The Alphasense platform is also available as a mobile app for Apple phones. 

It offers services for the following:

  • Hedge funds
  • Asset management
  • Investment banking 
  • Corporate finance 
  • Sell-side research 
  • Venture capital & private equity 

The Alphasense platform brings everything together in one place to save time and resources in searching for equity, stock, and other important information. Financial establishments can sign up for a free trial before paying for the premium account. 

6. SAP 

SAP is a popular service provider in the international market. It has a presence in 160+ countries and caters to businesses from numerous industries. The company has a strong presence in the banking and finance sector by enabling digital transformation through cloud and AI technologies. It aims to reduce costs and increase the speed that helps banks offer better services to their customers. 

The company also focuses on sustainability and has been the #1 software company in the Dow Jones Sustainability Index for 15 years. It leverages datasets and data analytics to provide banks with in-depth insights into their processes, customers, and market trends. Financial establishments can save up to 15% of their time during the financial closing. 

SAP offers the below services in the banking sector:

  • SAP Business Network 
  • SAP S/4HANA Cloud for finance
  • CFO as a strategic visionary
  • Cloud migration 
  • Total spend management 
  • Digital customer engagement 

RISE with SAP is a business transformation as a service (BTaaS) package that provides complete revamping and digital transformation of a business. It has been developed for banks to handle all aspects like risk mitigation, IT costs, business value, and more. The company also provides some of the best cloud solutions and integrations. 

7. Numerai 

Numerai transforms and streamlines data for finance industry companies and hedge fund firms. It manages the long and short equity strategies on an institutional grade by developing original and accurate machine-learning models for stock predictions. The company works with expert data scientists who have built a new kind of hedge fund network. 

The company also its cryptocurrency to monetize the services offered by data scientists who collaborate with its team. It continues to invite professionals from around the world to develop advanced AI and ML algorithms to predict stock market trends. Numerai has its HQ in San Francisco, US. The company uses artificial intelligence and machine learning models along with 60 other technologies to provide clean, accurate, and ready-to-use data for hedge funding.


Artificial intelligence, machine learning, big data, data science, and other cutting-edge technologies bring much-needed change to the finance sector. AI and ML companies offer tailor-made solutions to help banks and finance firms deal with cybersecurity, fraud detection, risk management, account management, customer experience, and more. 

The finance industry can benefit from these developments and provide more opportunities for customers to manage their wealth and investments. AI-powered solutions are necessary to build future-proof internal processes in banks, insurance companies, and investment firms. 

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