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)
Source: Fintechlabs, 4 March 2023
