Fintech startups are increasingly leveraging AI to make operations and offerings more efficient for financial institutions. At Finovate Fall 2023 in New York this week, fintechs hit the stage to demonstrate the latest in AI innovation — AI is serving a wide variety of use cases. 

Of the more than 70 that demonstrated their technology at the event, here are four that Bank Automation News highlights as AI-driven in techs to watch: 

Bud Financial 

Bud Financial is an AI-powered data insight provider for banks and financial institutions.  

The company’s AI scans customer transactions and provides insights to financial advisers and bankers so they can increase customer engagement, according to the company’s website.  

The London-based fintech in May moved its operations to the cloud, with the help of Google Cloud, both for scalability and to provide services to Google Cloud’s partner directory, according to a Bud Financial release. 

The $2.9 trillion HSBC and ANZ, a Melbourne, Australia-based bank, are among the FIs that use the fintech’s technology for insights on customer behavior.  

Bud Financial has raised $102 million since its inception in 2015 from Goldman Sachs and HSBC among other investors, according to Crunchbase. 

Illuma 

Illuma is a voice biometric and fraud solution provider based in Plano, Texas.  

While it typically takes a few minutes and one conversation for Illuma’s AI to register a customer’s voice, the process eliminates the need for the customer to verify their identity over the phone in the future, Milind Borkar, founder and chief executive of Illuma, said during his Finovate presentation. 

The fintech uses Glia’s AI capabilities to power its voice biometrics. Glia is an AI-driven customer service technology company that provides financial institutions with chatbots and virtual assistants. 

Illuma provides a “seamless and accurate way of authenticating people using biometrics, removing the friction” of authenticating people over the phone, Jake Tyler, product marketing manager for Glia’s virtual assistant, told BAN.  

Illuma’s voice biometric service has a 95% adoption rate among its customers, according to the company’s website. TrueWest Credit Union, which uses Illuma’s voice biometric services, was able to cut member authentication time by 84%, per the company website. 

Interface.ai 

Interface.ai, an AI-powered chatbot service solution, provides intelligent virtual assistants for banks and credit unions. Its clients include University Federal Credit Union, Neighborhood Credit Union and KeyPoint Credit Union. 

Each financial institution can tailor the company’s chatbot to its needs. The bot is backed by ChatGPT-like generative AI which helps customer representative staff and users efficiently resolve queries, Srinivas Njay, founder and chief executive of interface.ai, said during his Finovate presentation. 

University Federal Credit Union implemented interface.ai’s chatbot technology in 2020, naming its virtual assistant Royce, according to a credit union release. The AI virtual assistant helped the credit union provide quicker self-service to clients, explore cross-selling opportunities and offer personalized services, according to interface.ai’s website. 

The San Francisco-based company provides its services to more than 70 financial institutions and has launched a voice biometric solution to tackle deep fake voice fraud, according to a June company release. 

eSelf.ai 

ESelf.ai is an AI-driven chatbot and personalization service provider for FIs that offers video call-based virtual assistants to provide human-like digital interactions for clients. 

The Tel Aviv, Israel-based company, which leverages generative AI to provide a variety of responses, was voted Best of Show by Finovate attendees.