Artificial Intelligence Startups Make a Splash in New York | Bank Innovation | Bank Innovation

Artificial Intelligence Startups Make a Splash in New York

© Can Stock Photo Inc. / famveldmanArtificial intelligence is set to challenge traditional technologies in financial services, if the startups that demoed at BBVA Open Talent in  New York today are any indication.

The BBVA Open Talent Challenge is part of Next Money NYC. Today’s event is one of three regional finals, from which a few lucky winners will get the chance to work with BBVA. Consult Hyperion and NYPAY are also partners of the Next Money events, formerly known as Next Bank. More than half of the companies that presented in the first session used or mentioned AI, which is an umbrella term that covers a number of technologies used to manage data, often employing the ability to “learn” or change behavior based on trends in data.

The 10 companies that presented in the morning session:

Precognitive uses machine learning, behavioral analytics and device intelligence to fight fraud in realtime.

ForwardLane is an AI-driven wealth management software provider that aims to be cognitive operating system underlying roboadvisors.

Tradle is a blockchain-based global trust network, and that’s the Blockchain, with a capital B. Essentially, Tradle wants to extend the Blockchain to more use cases outside of financial transactions.

PayMagnet allows merchants to accept card payments anywhere. Users request funds via their smartphone, and participating merchant systems receive the information and extend the credits to consumers.

Liveoak authenticates transactions and document signing using video. The service uses human interactions over digital channels to provide high-touch service, as well as secure transactions.

FluidAI‘s impressive presentation showed off an augmented branch/ATM experience. The touchscreen on mobile devices is not enough, the company says. But can the augmented experience work without specialized equipment, in your living room? Not yet — but it will.

CapitalPreferences uses AI to assess risk and consumer preferences in order to recommend products. The company’s “economic fingerprint” and “fit score” help banks map clients to products.

Trupay offers mobile money transfer for consumers and merchants using a virtual payment ID. It’s a bit like Square tags (e.g. $philipgryan — feel free to click the link and send funds to see it in action.)

Syndicated Loan Direct or SLD converts unstructured data into usable financial metrics. The company offers better price discovery for deals in the syndicated loan market.

Billsley helps users save money on their bills by comparing different vendors and offering better deals. It takes a commission on users’ yearly savings.

Stay tuned for Session 2 startups to follow.