AI has been the driving force behind the fintech industry in recent years. Without its development, financial institutions and investors would face significantly greater risks with every major decision. Suspicious transactions on your account wouldn’t be blocked promptly. Even the smallest card issue would require calling the bank hotline or visiting a branch.

Today, the fintech industry has much greater potential, leveraging the capabilities of large language models. From startups launching their products to financial institutions enhancing their systems for internal and external needs. AI is everywhere and companies are making the most of it. 

There’s no better inspiration than successful (and award-winning) initiatives. In our article, we have compiled a cross-section of fintech projects from various niches. We hope they will inspire you with innovative AI ideas. Discover how artificial intelligence can be utilized to streamline transactions, ensure compliance, or reduce risk.

Fintech AI for good: Zero13

We are in the midst of a climate crisis. Despite regulatory changes by states and communities, progress in reducing the carbon footprint is insufficient. A major obstacle is fragmented and inefficient carbon markets, contributing to issues such as fraudulent credits, greenwashing, and lack of price transparency. That hinders the efforts to combat the crisis and slows meaningful progress.

Zero13 project addresses this challenge. Winning the Fintech For Good of the Year award at Fintech Awards London 2024, it tackles the issue of lack of connectivity between the carbon markets with an AI and blockchain-driven international carbon exchange and registry.

Its Platform-as-a-Service connects global carbon exchanges, registries, custodians, and ESG project owners, ensuring verified supply and transparent pricing. AI provides intelligence and automated processing of carbon credits, while the blockchain infrastructure prevents double counting and greenwashing, effectively addressing the challenges of carbon markets.

Fintech AI for better decision-making: Sikoia

In economically unstable times, customer evaluation becomes more critical than ever for financial and insurance institutions. On the other hand, they must constantly strive to cut costs and raise standards. AI-based solutions can help them achieve these goals while enhancing service accessibility.

This is exactly what Sikoia does, generating relevant insights in a matter of seconds. Awarded Fintech New Product of the Year, it completely eliminates manual verification of customer credibility. At the same time, it enhances satisfaction and meets growing customer demands by reducing application turnaround times.

Its standout feature? It centralizes customer insights from different systems in one place, making the integration of various data sources hassle-free. Sikoia transforms data into dynamic customer profiles, enabling maximum real-time accuracy. By minimizing manual keying efforts and automatically checking all types of documents for completeness, it increases efficiency while reducing risk.

Fintech AI for better efficiency and underwriting: Finastra GenAI-based Services

In the financial industry, GenAI is primarily used in customer and employee support, powering intelligent assistants and corporate knowledge bases. However, Finastra has gone a step further by implementing GenAI-powered features in innovative areas in 2023 and 2024.

AI-powered invoice-based payment initiation

This solution simplifies the invoice payment process to a few simple steps. Finastra’s generative artificial intelligence extracts payment information from documents and mail attatchments, automatically filling in bank payment details (IBANs, addresses, amounts, etc.). This not only saves time but also reduces errors that could keep accountants up at night.

Credit underwriting support

In another interesting approach, the Finastra Filogix team utilized GenAI to streamline the credit approval process. Based on provided information, the application automatically creates clear summaries of the borrower’s situation, giving brokers a comprehensive overview. Such summaries are generated with just one click, significantly speeding up the underwriting process.

This is just a glimpse of the possibilities of generative artificial intelligence in the financial industry. Although we mainly associate it with chatbots, its applications can extend far beyond! 

Dynamic Gen-AI-powered insights in visual form, real-time personalized in-app assistance, and more effective compliance control that eliminates interpretation issues and biases — there are numerous avenues to explore. Considering the vast potential, broader adoption of GenAI in finance seems inevitable.

Fintech AI against financial crime: Financial Crime Fighters + G-Group

In the face of ongoing economic pressures, geopolitical tensions, and an increasingly diverse regulatory environment, financial crime remains a significant threat. 

Kroll’s 2023 Fraud and Financial Crime Report highlights that 69% of respondents expect financial crime risks to increase over the next 12 months, with cybersecurity and data breaches being primary drivers. Financial crimes cost global organizations an estimated $4.2 trillion annually.

Recognizing the urgency of this challenge, G-Group teamed up with Financial Crime Fighters. Knowledge is the best shield, and our team provided an easy way to access it. The developed solution is essentially regulatory knowledge base containing updated, often confidential data. As a result, Financial Crime Fighters can provide even more efficient AML consultations and improve their Platform-as-a-Service.

Fintech AI for transparency: Middesk

Another solution in our list also supports customer evaluation, similar to Sikoia. In Middesk’ case, the key service is providing data from primary sources and streamlining its processing. Launched in the US, the startup has already helped over 600 financial companies, including banks and fintech, make better-informed decisions. 

Featured on the Forbes Fintech 50 list in 2024, it has established itself as a reliable provider among banks, lenders, and fintechs. Its easy-to-integrate APIs, robust data accuracy, and automated solutions enable companies to efficiently onboard customers, ensuring regulatory compliance and reducing risk.

Artificial intelligence has irreversibly changed the world of finance, making it more intuitive, efficient and secure. Your company can benefit it too, and we can help make it happen. Contact us to discuss your idea.