In 2021, Fintech investment expanded exponentially across the world because financial firms were the first to adapt to the advances of Artificial intelligence during the pandemic. The use of AI helped them in solving human problems. With technologies like Chatbot, Artificial Intelligence aided the Fintech companies in increasing their efficiency. Fintech is the integration of technology with financial services to improve their use and delivery to consumers.
Today, Artificial Intelligence has become a crucial part of Fintech companies in terms of data collection, analysis of information, safeguarding and facilitating transactions, creation of customer-centric products, and more. Nearly 77 percent of consumers prefer paying with a debit or credit card compared to 12 percent who favored cash. Through the use of AI, Fintech companies can offer services like mobile payments, stock trading, digital lending and credit, budgeting, insurance, cryptocurrency, and blockchain, etc.
India stands in the second position for Fintech startups across the globe. There are many Fintech startups in India whose demand has skyrocketed in the past year. Some of them have been listed below-
Top Indian Fintech companies benefiting from Artificial Intelligence
- Razorpay- A Fintech startup in India that allows businesses to accept, process, and disburse payments. The app allows merchants to accept online payment through several modes like debit card, UPI, net banking, credit card, and prepaid digital wallets.
- Policy Bazaar – One of the most popular Fintech companies offering policy comparison online is Policy Bazaar. The company raised funding of $626.6 million from several investors including Tencent Holdings, Temasek Holdings, Softbank Vision Fund, Startup holdings, etc.
- ZestMoney – It is one of India’s leading Fintech companies through which one can purchase anything offline. ZestMoney also provides a credit card with a “buy now, pay later” policy, and EMI options are also available.
- Mobikwik – It is a digital wallet service provider offering online payments services, phone and DTH recharge, mobile transfers, online shopping, etc.
Although India’s Fintech companies have performed exponentially in the past few years, European Fintech companies have experienced tremendous growth in 2021. One of the key drivers of this growth is open banking. As a result, financial institutions and Fintech are partnering together for providing more innovative, user-friendly solutions for the customers.
Europe’s top Fintech companies who have benefitted from Artificial Intelligence
- Nexi– It is a leading Fintech in Europe that offers the most innovative paying options for commercial banks and insurance companies.
- Revoult- With Revoult, one can send money overseas in 30+ interbank exchange currencies at a 0.5 percent discount per month.
- Adyen- It’s a Dutch payment firm that helps in collecting digital payments on e-commerce, smartphone, and point of sale.
- Check Out- Many of the forward-looking organizations in the world use the Checkout unified system for a quicker and smoother payment system.
- TransferWise- It was set up in 2010 in order to achieve inexpensive, equal, and quick foreign money transfers. No extra overseas processing fee is charged from the customers.
According to EY’s Global Fintech Adoption Index 2019, the adoption of Fintech throughout Europe, especially in countries like the Netherlands, U.K., Germany, Sweden, and Switzerland, is well above the global average of 64 percent, and it assures that aren’t showing signs of slowing down any time soon, and the significant potential of Artificial Intelligence will further lead to the increase in automation of financial sector.