AI-as-a-service (AIaaS) has revolutionized the finance and banking industry by offering scalable, data-driven solutions. With its potential to streamline operations and improve risk management, AIaaS helps financial organizations to stay competitive. This blog highlights the top companies driving transformation in the financial sector with the help of generative AI services.
“To serve these markets, you have to re-imagine how money can be managed and moved because there will be more change in the next five years in financial services than in the past 30.” said, Dan Schulma, President of PayPal
Artificial intelligence as a service (AIaaS) has become a crucial component in the finance and banking sectors. “AI adoption in the finance function is advancing quickly,” said Marco Steecker, senior director of research in the Gartner finance practice. According to a report by Gartner, the adoption of AI as a service business model in the finance sector in 2024 has increased, with 58% of organizations using it, marking a 21% rise from 2023. Ai offers different benefits, such as personalized services, improved decision-making, and quick operations.
In this blog, we’ll talk about the importance of AIaaS in finance, along with the top 10 AI services companies that use AI to transform their finance and banking services.
DataToBiz is a leading AIaaS company in finance that is dedicated to helping organizations use AI to enhance business efficiency and decision-making. With a focus on integrating AI into business processes, DataToBiz offers a comprehensive suite of services, such as AI consulting, machine learning development, natural language processing, and computer vision solutions.
The company offers end-to-end support, from strategy development to implementation, allowing organizations to use AI technologies for their specific needs. DataToBiz is committed to ethical AI practices and data security, prioritizing the fair use of AI and adhering to regulations such as GDPR. rue potential of the business through transparent and cost-effective end-to-end data warehousing services.
Salesforce is a leading AI consulting services company and offers AI-powered solutions for the finance and banking sector through its Financial Services Cloud. Salesforce Financial Services Cloud is a platform that helps financial institutions such as banks, wealth management firms, and insurance companies to connect with their customers, offer personalized service, and automate tasks.
Some of the main use cases include transaction dispute management, insurance claims, client meeting preparation, and complaints management. The platform utilizes AI to streamline processes, enhance engagement, and improve productivity by integrating seamlessly with existing business workflows, driving faster results and better outcomes.
Brighterion is a leading AI product development company that offers an AI platform that uses AI and machine learning for the finance and banking sectors. It helps financial institutions extract insights, make decisions, improve customer experiences, and streamline operations. Some of its prime offerings include fraud detection and prevention, chargeback prevention, and digital customer experience.
Brighterion serves more than 2000 companies to protect against fraud and risk. Its solutions allow fraud risk assessment for transactions and merchants. The company also offers resilient payment software, ensuring seamless and secure transactions.
SAP offers a comprehensive suite of AIaaS solutions tailored to the finance and banking industries. Its SAP Business AI platform uses machine learning and intelligent automation to manage financial processes, such as invoice matching, risk analysis, and predictive financial forecasting.
Some of the key features of this platform include working capital, accounting and financial close, compliance optimization, planning and analytics, travel and expense, and intelligent invoice-matching automation. This platform makes it easy to detect potential risks but also improves decision-making by providing real-time insights and accurate predictions,
Ocrolus is a leading AIaaS company in finance and provides AI-driven document automation solutions tailored for the finance and banking sectors. It uses advanced artificial intelligence to process and analyze a wide array of financial documents, such as bank statements, pay stubs, and tax forms, in different formats.
By integrating Ocrolus’s technology, lenders can automate processes such as income verification, cash flow analysis, and fraud detection. This automation improves risk management and reduces the scope of errors by providing accurate data, allowing financial institutions to make informed decisions.
AWS is a reputed AIaaS company in finance and product development that offers comprehensive cloud solutions for the financial services industry, helping them to streamline operations, detect fraud, and enhance customer experiences. Using AWS’s secure cloud infrastructure, financial organizations can scale operations efficiently, reduce costs, and work strategically with AI-driven insights.
AWS offers AI consulting services for personalized banking, fraud detection, and automated compliance. The platform supports global financial transformation, making it easier for firms to adopt digitalization and stay competitive.
H2O.ai is one of the best AIaaS companies in finance and offers no-code and low-code tools, enabling faster deployment and operational efficiency. It also focuses on responsible AI practices, ensuring fairness and transparency in financial models. Its H2O AI Cloud allows organizations to create solutions and foster automation and transparency.
One of its intriguing applications includes LIBOR clause detection, which allows the processing of financial contracts and documents. It further makes it easy to identify key sentences related to LIBOR and offers contextual insights to support informed decision-making.
Founded in 2005, Workday Inc. is a leading provider of AI consulting services and cloud-based enterprise software specializing in financial management, human capital management, and analytics. This AI product development company offers innovative solutions development that helps organizations streamline operations, improve decision-making, and adapt to changing business needs.
Workday’s financial management solutions include features such as accounting and finance, close and consolidate, revenue management, accounting center, expenses, grants management, audits and internal controls, analytics and reporting, and services CPQ.
DataRobot provides robust AI tools for financial services helping organizations to increase efficiency and decision-making. Its platform uses generative AI services and predictive modeling to offer features such as automated credit scoring, fraud detection, and stress testing. The company uses targeted marketing strategies to personalize customer experiences and deliver better outcomes.
DataRobot supports regulatory compliance through governance-focused AI, ensuring transparency and security. You can use the platform across multiple financial operations as it integrates seamlessly with existing workflows, enabling organizations to make data-driven decisions.
Upstart is a leading AIaaS company in finance. It offers an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables. It uses AI to offer improved access to affordable credit while reducing the risk for lending partners.
The company uses machine learning models to assess borrowers’ creditworthiness beyond traditional metrics by considering factors like education, employment history, and income. It provides a range of loan products, such as personal loans, auto loans, and small-dollar relief loans, catering to various consumer needs.
By using advanced AI technologies, AIaaS companies in finance are changing the face of finance and banking institutions. From fraud detection to personalizing financial services, AI consulting services and solutions are helping to make finance more secure, customer-centric, and efficient. As AI evolves, it will shape the future of finance and fulfill the needs of stakeholders and customers.
AI as a service is a cloud-based service that allows organizations to access AI tools and capabilities. The AIaaS providers host AI, machine learning tools, platforms, and algorithms on cloud servers. Organizations can deploy AI without large up-front investments and less risk.
Banks and financial organizations can use AI to personalize the banking experience for customers by automating tasks such as deposits and transactions. It also makes it easy to analyze network traffic to identify fraudulent transactions and ensure security.
AI in the service industry refers to using AI in service-based businesses to automate tasks, personalize customer experiences, and increase operational efficiency. It also involves extracting insights from customer data to offer personalized recommendations to enhance customer satisfaction.
The most reputed banks that use AI as a service business model in the USA include:
With the implementation of AI in banking, banking institutions can make real-time decisions based on real-time data. This will help prevent fraud, assess risks accurately, and approve credits, leading to quick banking services.
One of the most common examples of AI as a service is using AI to analyze large volumes of data to identify trends and forecast future performance. This helps to analyze past market trends and economic indicators to forecast how investments will perform in the future, making it easy for investors to make informed decisions and assess investment risk.
Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
