Wall Street is looking towards Silicon Valley for a more automated environment and a tech-driven approach. A July 2016 report by CB Insights showed that 41 startups may be introducing AI to fintech. Of the many big names, Goldman Sachs remained dominant in backing as many as four companies that use AI in financial technology. As many as 658 AI deals were closed and $5021 billion was spent on funding the AI startups in 2016, according to the report. With total AI investment gaining momentum across different industries, an increasing number of companies are branching out to offer a variety of services that range from credit scoring to regulatory compliance and fraud detection.

Wall Street is looking towards Silicon Valley for a more automated environment and a tech-driven approach. A July 2016 report by CB Insights showed that 41 startups may be introducing AI to Fin-tech. Of the many big names, Goldman Sachs remained dominant in backing as many as four companies that use AI in financial technology. As many as 658 AI deals were closed and $5021 billion was spent on funding the AI startups in 2016. With total AI investment gaining momentum across different industries, an increasing number of companies are branching out to offer a variety of services that range from credit scoring to regulatory compliance and fraud detection.