Revolutionizing AI in Fintech: ChatGPT’s Impact on City Institutions
ChatGPT’s launch in November 2022 changed the face of AI forever. With major financial institutions jumping on the bandwagon, City fintechs are trying not to fall behind.
From Revolut to GoCardless, fintechs have not only launched AI products recently, but are looking to expand their AI teams, indicating further launches in the future.
Nikolay Storonsky’s Revolut has been ramping up its AI capabilities for consumer protection as well as new business-focused product launches. In February, Revolut launched an AI-based scam detection feature to protect users from card frauds.
Revolut is also planning to roll out a new AI-driven finance and expense management platform, Billpay, in the second half of 2024 to help chief financial officers streamline accounts functions.
“Billpay will leverage AI to help save businesses time and money in a number of ways, from learning how to best match receipts with transactions, through to automatic identification of unusual bills or transactions to help identify and eliminate unnecessary spend,” James Gibson, general manager of Revolut Business, told Financial News in February.
To boost its AI capabilities, Revolut is hiring data scientists across Spain, Portugal, Lithuania, and Poland, according to its LinkedIn page.
Monzo, on the other hand, has not launched any dedicated AI products, but the fintech has been using AI tools to help developers and detect frauds.
“We are using AI broadly across Monzo. AI is helping our developers become more efficient in the way they code. For risk and compliance teams, AI is helping them create more turnkey minutes of meetings and helping them summarize things more easily,” Sujata Bhatia, COO at Monzo, said.
“People talk about AI, but we have been using machine learning tools for a very long time. And those are deeply embedded in most of the things we do. The best example to give is how we use machine learning tools in the identification of frauds and it really helps save customers from disastrous situations,” she added.
Monzo is hiring a machine learning scientist and a data science manager in its London office, according to LinkedIn.
GoCardless is another name that has been strengthening its AI capabilities. In August 2023, the fintech partnered with AI-based financial operations platform Kolleno to help CFOs schedule and automate their invoice collection. GoCardless is hiring a senior software development engineer in Latvia and requires that person to have a strong knowledge of machine learning languages.
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To contact the author of this story with feedback or news, email Bilal Jafar.
