Kidbrooke is named as one of the world’s most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services in FinTech Global's annual AIFinTech100 list – a list that highlights tech companies transforming the global financial industry by leveraging AI and machine learning.
AIFinTech100 is an annual list highlighting 100 of the world's most innovative AI solution providers, selected by a panel of industry experts and analysts. The prestigious list features tech companies that are recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain. On September 7th it was announced that the Swedish fintech company, Kidbrooke, qualifies for the list.
Founded in 2011, Kidbrooke offers OutRank – a powerful simulation engine delivered through API that powers a selection of hybrid and self-service financial journeys. By using OutRank, banks, insurance companies and wealth managers can slash the costs of providing financial advice or guidance and consistently offer their customers engaging and intuitive financial experiences.
We are now making OutRank even more seamless by adding comprehensive tax logic to its simulation capabilities. This means that across the simulated scenarios you will not only get information about projected returns, but you will also know the tax implications of each simulated path. “Seamless Finance is all about breaking free from the traditional limitations of financial decision-support served within the classic silos of financial services. Why settle for anything less than the ability to empower your customers with financial forecasts considering investments, credit, pension, insurance, and tax all in one view?” - says Fredrik Davéus, CEO of Kidbrooke.
The research initiative behind the AIFinTech100 list is led by FinTech Global with the aim of making it easier for senior management to filter through all the solution providers in the market by highlighting the most innovative artificial intelligence companies in areas such as Insurance, Banking, Investment & Trading, Lending, Customer Experience, Compliance and Fraud Prevention. In a press release, FinTech Global says that the WealthTech industry use of AI and data analytics has grown tremendously over the last few years as financial institutions move towards digital operations and look to unlock new revenue growth opportunities, minimise operating expenses, and automate manually intensive processes. According to data from Business Insider Intelligence, the aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023.
– Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology innovations in the market to ensure they deliver competitive financial products and reach new customers, says FinTech Global director Richard Sachar.
Over the past four years, several of Sweden's largest banks and insurance companies have engaged Kidbrooke's services, resulting in efficiency improvements and cost savings of between 20 - 40 percent in processes related to wealth management and customer relationships.
