10 Top AI Banking Companies

Banks are continually forced to do more with less to stay competitive. As staffs have been reduced, banks and credit unions need to focus on both their businesses and their customers while seeking out technology companies to provide the modern products and services that customers expect. Today, this means products and services that employ AI. Here, we look at some top companies offering AI capabilities for the banking sector.

1. Kensho Technologies

Kensho, built with funding from Google Ventures, Goldman Sachs, Bank of America and others, offers AI-based data and analytical tools that provide banks with the ability to analyze large amounts of data to develop insights, leveraging data embedded in financial news, research reports and social media. The Kensho Analytics feature enables users to create custom analyses and visualizations, while the Kensho Portfolio Analytics tool is designed to enable users to analyze portfolios in order to find potential risks and opportunities.

2. Socure

Account and identity fraud has long been a concern for banks, and with AI and other high-tech tools now in the hands of fraudsters, banks are turning to AI-based digital identification companies, such as Socure to help identify the identities of their customers and prevent fraud. Socure’s technology is designed to identify customers across multiple channels, including online, mobile and in person. The Socure Predictive DocV tool is designed to authenticate government issued IDs and verify selfies.

3. Symphony AI

Symphony AI’s Sensa-NetReveal suite is designed to help banks combat money laundering. Symphony’s technology uses AI tools to manage financial crime detection notices by using critical data and previous behavior as alert triggers. The suite’s advanced detection models work in conjunction with alert optimization to provide customers with a focus on alert quality rather than on alert quantity. Auto-tuning and continuous learning help fine-tune detections and alerts, which are designed to help minimize the need for rules while improving detection and reporting.

4. Teradata

Teradata’s AI suite offers banks a set of tools designed to help automate workflows, improve decision making and reduce risk. The technology uses its proprietary Teradata Vantage, a unified, cloud-based data and analytics platform, while also offering developers a pair of offerings to build their own AI-based capabilities: Teradata ClearScape Analytics, a self-service platform for data scientists and analysts that provides a variety of pre-built AI templates and accelerators; and Teradata Vantage ML Integration, a set of tools designed to enable developers to integrate AI models into their Teradata applications.

5. Pega

Pega’s AI platform is used by some of the nation’s largest banks as well as large companies in other sectors to process information for internal uses, customer responses via chatbots and contact center agents to speed resolutions. Banks also use the technology in several ways: for call routing; predictive modeling for staffing needs; predicting customer churn; identifying fraudulent transactions; and optimizing product and service recommendations. The platform is also designed to help banks provide personalized messaging as well as product and service recommendations.

See more: 5 AI Case Studies in Banking

6. Upstart

Upstart’s AI marketplace provides banking partners with a lender-branded platform on the financial institution’s website to offer turnkey, all-digital lending capability. A pre-filled application with existing customer information facilitates the process. Rates, which vary depending on the type of credit sought, the applicant’s financial information and current market rates are provided to the prospective borrower within five minutes of application based on a risk-based AI model, using the financial institution’s own credit criteria. The technology also verifies customer application information.

7. Kasisto

Using generative AI, Kasisto provides banks with a variety of scalable solutions built on conversational AI, including intelligent digital assistants, chatbots, digital banking integrations, onboarding services, data and analytics, professional services and APIs. Using KAI-GPT, the platform turns data from bank documents into natural language for use by bank employees when working with customers. The KAI platform comes pre-integrated with top digital banking partners, such as NCR, FIS and Q2, and is designed to provide a tailored and frictionless banking experience across channels.

8. Bud

Bud’s AI platform for personal finance is designed to help banks understand a customer’s transactions and financial patterns. The APIs from the Engage solution can help a bank improve the financial well-being of their customers through targeted nudges and personalized experiences. The platform categorizes and tracks historical income, predicts future income and reviews income stability and income shock indicators. The technology helps banks improve engagement and conversion with individualized messaging, offers and financial health scoring.

9. Enova

Enova’s Colossus helps banks with their credit decisioning for non-prime consumers and businesses, which can be risky but also profitable if that risk is recognized and loans are priced appropriately. The company’s business includes four separate brands: CashNetUSA and NetCredit for consumers; and Simplic and PangeaMoneyTransfer.com for businesses. The company’s solutions employ AI to strike a balance between the risks and rewards of serving non-prime customers by carefully evaluating applications on a case-by-case basis. The approach helps organizations focus their AI initiatives on areas that promise the highest return on investment while mitigating potential pitfalls.

10. Gupshup

Gupshup provides a conversational engagement platform to enable banks to communicate effectively across more than 30 channels. The platform provides over 150 pre-built conversational engagement journeys designed to automate customer engagements across sales and support, securely and at scale. The technology helps reduce customer wait time with automated FAQs, while enabling banks to humanize the experience with text-, voice- and video-based interactions for complex queries.

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