AI and Big Data: The Next Frontier of Fintech

Data analytics is becoming a cornerstone of the financial industry, with startups and established financial service firms looking to give investors clearer guidance with information collected and captured from multiple sources. Advances in machine learning and artificial intelligence (AI) in particular are providing greater insights and better customer experiences. AI-powered data analytics not only captures vast amounts of data in real-time, but also helps users understand how different data points relate to each other, providing insights that might otherwise be lost. Faced with a breakdown in brand loyalty as younger customers prioritize user experience, financial services are now racing to leverage data-driven cognitive technologies. Cambridge, MA-based Kensho, which recently received 58 million in funding from Goldman Sachs, San Francisco-based Alphasense, backed by Tribeca Venture Partners, and Toronto-based Bigterminal are some of the fintech players leveraging AI.