360Quadrants, 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.

IPsoft has been identified as an innovator 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 IPsoft in the AI in Fintech space.

AI in Fintech offerings from IPsoft 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 include:

Amelia, launched by IPsoft, is the most Human AI

IPsoft has announced that its first conversational solution for banking will now be generally available. This solution uses Amelia, which was rated as the most human AI in terms of conversation, by the Everest Group. This solution helps customers better handle their finances using advanced intelligence.

Ipsoft’s Amelia to have a new role in financial services in Nordnet

Nordnet, a Nordic digital bank, has announced plans for the integration of Amelia, a conversational AI for the purpose of scaling customer interactions and enhancing the bank’s customer service program. Amelia will use cognitive research as well as AI to interact with customers pertaining to investments and finances.

Amelia’s Nl abilities get featured in Celent Research

Celent Research conducted a study on Amelia, titled, “The Virtual Agent: Natural Language Processing in Insurance.” This study focused on the relevance of natural learning in the insurance industry, including a focus on Amelia. It also studied the importance that NL has and will have in the insurance industry in terms of strategic importance and best practices. The report studies the use and popularity of AI and virtual agents in performing internal as well as external issues such as on-boarding customers and carrying out customer support.