With AI mentioned in every press release, trade publication article and marketing pitch, it’s hard to follow just who is actually using the technology in their production systems and financial services offerings. That’s why we created this list as a reference to the real-world implementation of artificial intelligence in various financial services offerings, from banking, to investing, to credit cards, insurance, small business management, retirement planning and more. While many deployments are led by fintech service providers, a financial institution must be in production with the AI to make the list.

Deployments in the past 2 weeks:

  • 27 Feb: Klarna’s chatbot doing the work of 700 customer service staff | Service | BNPL | Worldwide
    Klarna’s OpenAI-powered virtual assistant now performs tasks equivalent to 700 full-time human agents. This follows significant staff reductions in 2022, when Klarna cited economic challenges. The AI handles customer service with high satisfaction rates and is expected to boost profits significantly
  • 23 Feb: RazorPay launches chargeback protection and B2B payments chatbot | Payments | SMB | India
    Razorpay introduced Ray, a text and voice-based AI product, facilitating payments, payouts, payroll, and vendor payments. The AI assistant supports English and Hindi, with plans to include more languages. Razorpay also launched FraudShield for chargeback protection, reimbursing businesses for fraudulent chargebacks.
  • 19 Feb: Revolut cuts fraud by 30% | Security | Credit/Debit cards
    Revolut has implemented an advanced AI feature to protect its 35 million users from card scams, specifically targeting authorized push payment (APP) scams. This AI tool uses machine learning to review transactions in real-time, aiming to identify and stop potential scams before they occur. Since introducing this feature, Revolut has reported a 30% reduction in fraud losses from card scams​​

Table: Top AI Deployments in Fintech and Financial Services in 2024 (so far)

Summary Company Partner Date Product Sector Source Market/HQ
Klarna’s chatbot doing the work of 700 customer service reps Klarna 27 Feb 2024 Service All FastCompany
RazorPay launches chargeback protection and B2B payments chatbot t RazorPay 23 Feb 2024 Payments SMB Business Standard India
Revolut cuts fraud by 30% Revolut 19 Feb 2024
US Bank has originted 2,000 personal loans with new AI decisioning from Pagaya US Bank Pagaya Technologiesw 16 Feb 2024 Personal loans Consumer Fintech Futures USA
Grasshopper Bank using AI to onboard new SMB customers Grasshopper Bank Greenlite 14 Feb 2024 Checking SMB Fintech Futures USA
United Bank shifts 35% of call volume to chatbot United Bank Directlink 13 Feb 2024 Service All Financial Brand USA
One Zero Bank rolls out AI21-powered AI assistant One Zero Bank Ai21 12 Feb 2024 Service All Company Israel
Bankwell Bank testing AI co-pllot for SMB customers seeking loans Bankwell Bank 8 Feb 2024 Credit SMB American Banker USA
Ally using AI for customer call summaries Ally Bank In-house 3 Jan 2024 Service Consumer Financal Brand USA
Bunq launches customer service chatbot Bunq 19 Dec 2023 Service Consumer Company Netherlands

Source: Fintechlabs, 4 March 2023