Market Share of AI In Fintech Industry
The AI in fintech market is becoming fragmented due to many global players operating worldwide. Various acquisitions and collaborations of large companies are expected to occur shortly, focusing on innovation. Some major players in the market include IBM Corporation, Intel Corporation, Narrative Science, and Microsoft Corporation.
- In May 2024, Visa, in a strategic move, rolled out an AI-driven real-time fraud detection service in the United Kingdom, specifically targeting account-to-account (A2A) fraud. Following a successful pilot, which unearthed a significant 54% more fraud than traditional bank systems, Visa announced that it would be extending this service, dubbed "Visa Protect for A2A Payments," to all UK banks.
- In June 2024, Oscilar, a prominent provider of advanced risk technology solutions for fintechs and financial institutions, unveiled its latest innovation, the AI-driven ACH Fraud Detection tool. This advanced solution swiftly and accurately detects and halts fraudulent transactions. It achieves this through a blend of sophisticated machine learning algorithms, generative AI methods, and real-time data analysis, ensuring both speed and precision.
AI In Fintech Market Leaders
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IBM Corporation
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Intel Corporation
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ComplyAdvantage.com
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Narrative Science
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Amazon Web Services, Inc.
*Disclaimer: Major Players sorted in no particular order
