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 Solutions to 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.
IBM 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 competitors of IBM Watson Platform in the AI in Fintech space.
AI in Fintech offerings from IBM 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 in the AI in Fintech space include:
IBM and Crédit Mutuel Partnered to serve bank customers
Crédit Mutuel entered into a strategic partnership with IBM to better serve the bank’s customers, globally. According to the partnership, IBM offers Crédit Mutuel with its advanced cybersecurity technologies, Watson, and Cloud to better the customer relationship and increase their productivity. Crédit Mutuel is expected to deploy the IBM Watson across all its business lines.
IBM and Banca Carige Drive Digital Transformation with Artificial Intelligence
IBM and Banca Carige, an Italian bank, partnered to introduce a Dock worth USD 500 million. This dock will bring together analytics, Big Data, cognitive tools, and artificial intelligence to improve the competitiveness of the bank as well as its clients. According to the partnership, IBM will provide solutions to all banking sectors and help the bank respond to new business needs by simplifying its IT environment.
IBM collaborated with Dream Payments to offer digitalized Payment Services on the Cloud for Financial Institutions in the US
IBM collaborated with Dream Payments, a FinTech company based in Toronto to introduce mobile payment offerings via the IBM Cloud for merchants and financial institutions in the US. These digital payment offerings include mobile wallets, CHIP cards, and contactless payments. This service will help improve customer experiences. Financial institutions can also reduce or avoid making investments on lengthy and expensive IT projects.