This month marks the start of the ninth year for FinTech Innovation Lab New York. The 12-week non-profit program is designed to put the focus on the country’s most ambitious, budding fintech companies.
The event is also somewhat of a matchmaking exercise, as growth-stage companies meet with VCs and financial services execs for in-depth business and product development consultations.
So, is the next hot fintech unicorn present at this event? Only time will tell, but some of the notable tech standouts this year are firms operating in the AI, machine learning, and gamficiation spaces.
Cloud continues to be hot, particularly as it allows for companies to deploy software more efficiently and scale quicker. For its part, Cloudframe aims to minimize or eliminate the business processes and mission-critical data-related risks in transforming legacy mainframe applications into cloud-native Java. The result could be a cost-efficient option for cloud data migration, for which there is an increasing demand.
The need for more innovation in cybersecurity is something we have often opined on in these hallowed halls. That’s why we have an eye on Cyberwrite, which seeks to provide small or medium-sized businesses worldwide with easy-to-understand reports on cyber risks. This includes any risks related to the financial impact of cyber attacks on these businesses, which the company would then be able to respond to in real time and on demand. This in turn will allow entrepreneurs to acquire scalable and bespoke cyber policies and solutions in line with their company’s specific risks and needs.
Genus AI provides next-generation AI designed with the combined disciplines of machine learning, psychology, behavioral sciences, and neuroscience. This deep-learning AI is then applied to the existing infrastructure of financial institutions, with the hopes of allowing them to truly understand what it is that drives their customers’ needs, wants, and decisions, and deliver the long-desired Holy Grail of a “customer-centric” experience. It’s a potentially revolutionary new way of crunching big data if it can be translated into actionable business solutions.
Another potentially big player in AI-driven fintech is FairFrame, which combines decades of social science research with AI to create a text analysis ‘spellchecker’ platform for managers. This allows managers to get real-time feedback on their writing. It also provides business organizations with analytics, data, and metrics that can help managers and human resources (HR) leaders.
HyperScience leverages machine learning tech for digitally extracting handwritten, printed, and/or highly distorted text at accuracy levels that surpass manual, human data entry/recovery. Their aim is to completely streamline document processing for large enterprises looking to digitally archive massive amounts of information (which sounds exactly like a financial institution).
Certainly the world of fintech shows no signs of slowing down; with 2019 a record year for money being poured into the sector. We’re excited to see what the rest of the year has in store.
— Written by Allie Cooper for The Financial Revolutionist