Zurich, Switzerland – June 18, 2024
FinTech Global, a research platform, today released the latest edition of its annual AIFinTech100 list, and Squirro, a leading enterprise-ready generative AI provider specializing in search, insights, and automation, is proud to announce its inclusion in the prestigious "4th annual AIFinTech100 awards" list for 2024. This recognition highlights companies' significant contributions to the financial services industry through innovative AI and data solutions that address critical challenges in banking, insurance, customer experience, investment & trading, compliance, and payments.
In the 18 months since the launch of ChatGPT in November 2022, generative AI has transformed business operations, particularly in financial institutions, according to FinTech Global research. The research shows a significant increase in AI investment in the FinTech sector, with the market size expected to grow from $42.83 billion to $50.87 billion by 2029. Banks are expected to spend $4.9 billion on AI platforms by 2024. Due to the rapid growth of the AI market, selection for this year's AIFinTech100 list was highly competitive, with finalists selected from more than 2,000 companies by a panel of experts.
Richard Sachar, Director of FinTech Global, commented, "Generative AI and artificial intelligence in general are opening up opportunities in the financial services sector to not only stay ahead of the competition, but also to increase efficiency and offer personalized products to customers. This year's AIFinTech100 list showcases some of the best and brightest in the field, developing AI applications in areas such as banking, insurance, compliance, customer experience, investment and trading, and payments."
Squirro's inclusion on the AIFinTech100 list underscores its role as a pioneer in developing advanced AI technologies that will be essential for financial institutions in 2024. The company's flagship product, SquirroGPT, leverages Retrieval-Augmented Generation (RAG) technology to deliver accurate and actionable insights from massive enterprise data sets. This technology is an example of how Squirro is transforming enterprise data management and automation, enabling financial institutions to effectively leverage their data.
Dorian Selz, CEO and co-founder of Squirro, expressed his gratitude: "Being recognized in the 4th annual AIFinTech100 awards validates our commitment to innovation and excellence in the financial services sector. At Squirro, we empower financial institutions with advanced AI technologies like SquirroGPT, which transforms massive amounts of data into actionable insights. This award highlights how we are revolutionizing search, insights and automation while addressing today's critical data security and privacy concerns. Our commitment to delivering indispensable AI solutions helps our customers leverage their data to drive growth and efficiency."
FinTech Global has produced a complimentary AIFinTech100 summary, which can be downloaded from the AIFinTech100, RegTech Analyst and FinTech Global websites. This summary includes a full list of recognized companies and brief profiles of each.
SquirroGPT, Squirro's state-of-the-art RAG technology uses leverages Large Language Models (LLM) to retrieve the data you need accurately, securely and efficiently. Squirro's Semantic Enterprise Search enhances contextual understanding and ensures accurate results. Squirro's platform capabilities include an Insight Engine, Semantic Enterprise Search, AI Studio for no-code ML model building, and Model-as-a-Service for deployment and maintenance.
Product Highlights:
Using the above capabilities, Squirro’s generative employee agents have significantly increased the effectiveness of 900 client advisors in asset management by providing seamless access to enterprise data and automating routine tasks, demonstrating the platform's value in transforming information management and increasing productivity.
Since its founding in 2012, Squirro has been recognized as a top contributor to the financial sector, winning awards such as the Central Banking FinTech RegTech Global Awards 2023 for its innovative AI solutions. A prime example is Athena, developed with the European Central Bank, which enables over 1,000 supervisors to analyze millions of documents and extract insights efficiently.
Read more about these customer case studies here:
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Squirro is the leading enterprise-ready generative AI solution for search, insight and automation. Squirro enables organizations around the world to transform enterprise data into knowledge, insights and recommendations. Squirro has a decade of experience bringing together AI, machine learning, predictive analytics, generative AI, and symbolic AI-like knowledge graphs, together.
Founded in 2012, Squirro is a fast-growing company with dedicated teams in Switzerland, the United States, the UK, and Singapore. Our customers include the European Central Bank, the Bank of England, Standard Chartered Bank, Oversea-Chinese Banking Corporation, Henkel, Armacell and Indicia Worldwide.
FinTech Global is the world’s leading provider of FinTech information services, B2B media products and industry events. We inform, promote and connect FinTech buyers, sellers, investors and innovators worldwide.
We serve a network of over 300,000 FinTech professionals from market-leading organizations – financial institutions, technology innovators, corporate investors, venture firms and expert advisory firms. We enable them to get the information they need to make better business decisions and to connect and engage with the people and organisations they want to do business with.