Machine learning is a type of artificial intelligence that provides computers with the ability to learn without being explicitly programmed. Machine learning focuses on the development of computer programs that can teach themselves to grow and change when exposed to new data. Emerging FinTech companies are using machine learning to adapt the changes in real time.
Companies using machine learning are presented here:
Affirm: Affirm is a technology and data-driven finance company. They mine vast amounts of data to successfully rewrite the rules on how credit is evaluated. To protect against fraud and build credit data, the company uses machine learning models.
Lending Club: Lending Club is the world’s largest online marketplace which connects borrowers and investors. They use machine learning for predicting bad loans.
Kabbage: Kabbage, Inc. is an online FinTech and data company based in Atlanta. The company provides funding directly to small businesses and consumers through an automated lending platform. The Kabbage team specializes in building the next-generation machine learning and analytics stack for building credit risk models and analyzing the existing portfolio.
ZestFinance: ZestFinance uses machine learning techniques and large-scale data analysis to consume vast amounts of data and make more accurate credit decisions. ZestFinance takes an entirely different approach to underwriting by using machine learning and large-scale big data analysis.
BillGuard: BillGuard is a personal finance security company that alerts users to bad chargers. The company is expertise in big data mining, machine learning algorithms, security and consumer Web UX.
LendUp: LendUp is in the business of improving payday lending. And it’s now opening its vault to let other organizations offer similar services via its API. It uses machine learning and algorithms to pinpoint the top 15% that are most likely to repay their loans. It charges them interest rates starting at 29% without hidden charges or rollover fees.
Bloomberg: Bloomberg connects decision makers to a dynamic network of information, people and ideas; it quickly and accurately delivers business and financial information, news and insight around the world. Bloomberg develops state-of-the-art solutions for the financial community by leveraging methods from statistics, natural language processing and machine learning.
AlphaSense: AlphaSense is a financial search engine that solves fundamental problems of information abundance and fragmentation for knowledge professionals. It leverages proprietary natural language processing and machine learning algorithms to provide a powerful and highly differentiated product with an intuitive user interface.
FinGenius: FinGenius is a bank-grade platform that combines artificial intelligence, machine learning, natural language processing and human-like reasoning to simplify interactions with complex data for banks and insurance companies.
Dataminr: Dataminr is a leading real-time information discovery company. Dataminr transforms real-time data from Twitter and other public sources into actionable signals, identifying the most relevant information in real time for clients in the financial sector. It trawls social media and other information sources using complex machine learning algorithms to identify significant or newsworthy posts and then flags them for its clients in real time.
Binatix: Binatix is a learning trading firm, possibly the first to use the state-of-the-art machine learning algorithms to spot patterns that offer an edge in investing.
Brighterion: Brighterion offers the world's deepest and broadest portfolio of artificial intelligence and machine learning technologies which provides real-time intelligence that matters from all data sources, regardless of type, complexity and volume.
Feedzai: Feedzai uses machine learning and big data science to make commerce safe. Feedzai machine learning models detect fraud up to 30% earlier than traditional methods.
Bionym: Bionym has developed a biometric authentication device using ECG backed with machine learning algorithms.
EyeVerify: EyeVerify software identifies “eye prints,” the pattern of veins in the whites of eyes, using machine learning technology.