8 Innovative FinTech Startups of 2017 That Will Shape The Industry

Date posted: October 11, 2017

sphere of activity

By Nataliia Kharchenko

FinovateSpring 2017 conference brought about 60 startups related to financial and banking spheres. Based on the projects presented there, we could say that the scope of technologies they are built on is quite typical — machine learning, VR, chatbots and so on. Cost of outsourcing app development varies, so practically anyone can build a FinTech startup for affordable price and using modern technologies.

Generally, the projects from FinovateSpring can be divided into three categories:

  • Startups that collect analytical data in social media
  • Startups that recognize speech and written texts
  • Startups aimed at financial consulting

Let’s take a closer look at them.

Neener Analytics

Sphere of activity: analysis of customer behavior in social networks

Neener Analytics service assures the accuracy of FICO equal to 80% based on analysis of a user’s profile on social networks. Furthermore, analytics solutions created by this company are able to predict whether a customer will return the borrowed money for the set period, as well as whether the money will be returned before or after the due date.

Alpharank

Sphere of activity: collecting data from social networks

This API allows to understand how customers affect the buying behavior of each other by analyzing their purchase history and interaction with Facebook.

In addition, it is capable of measuring the cost of a customer depending on how much he or she affects the purchases of other customers. Alpharank’s team claims that such analytics scenario is applicable for optimizing your e-mail marketing campaigns, loyalty, and referral programs, as well as improve your social media presence. So, this API is suitable for e-commerce, banking, and a bunch of other spheres.

Capitalise

Sphere of activity: recognition of texts for asset management

This service makes the process of investment a bit easier by recognizing the texts provided by investors.

In other words, you should explain your strategy to a robot automating the process of trading. Investment scenarios are the core of a company portfolio’s automated management. In turn, these scenarios can be analyzed and optimized by users. Except for user requests, this service is capable of proposing alternative strategies that are more efficient.

Founders of Capitalise say that only huge investors can afford themselves the mechanism like this.

SpeechPro

Sphere of activity: identification of users by voice

This company belongs to STC grout in the US and it is focused on the development of biometric systems, as well as solutions for audio & video recording, their analysis, and processing.

SpeechPro company built the solution called VoiceKey.AGENT. It allows recognizing voice and detecting fraud calls. How does it do that? The algorithm identifies the voice of the real account owner from another individual with stunning 100% accuracy. This way, banks can easily figure out the fraudulent behavior.

This solution is powered by VoiceKey.FRAUD biometric technology intended to both search and identify frauds based on incoming calls to contact centers. As soon as the fraudster is detected — the system notifies security and operators immediately.

Microblink

Sphere of activity: recognition of printed checks

Microblink is Research & Development company that specializes in machine vision including OCR for mobile devices. The company is focused on SDKs intended to improve the UX in apps that need to get rid of a manual input. This way, their solutions allow recognizing data, scanning documents, invoices, scratch cards, and so on. Moreover, developers have an opportunity to easily integrate solutions created by this company to their projects.

This technology is powered by machine learning along with neural networks that help to achieve the most accurate recognition of texts. In particular, Microblink is known for its Photomath mobile app. It’s able to solve math tasks in a real-time mode and is the world’s first software recognizing handwriting.

Company’s another solution called BlinkReceipt allows recognizing cheques and receipts that were made after the retail purchases, as well as store the purchase information. This SDK for mobile platforms extracts the data about your purchases from cheques in real-time.

There are a bunch of scenarios concerning how BlinkReceipt can be applied. For instance, creators propose you to keep the records of your expenses with its help, as well as improve loyalty programs and even conduct a research of the market. Currently, the service works across the US but until the end of 2017 will be available elsewhere.

Hedgeable AI Lab

Sphere of activity: AI-based smart assistants

The company has the extensive experience of working with AI, deep learning, as well as intellectual data analysis. The latest company’s creation called Katana. It’s AI-based platform that helps in financial planning and consultation by means of voice command and chatbots.

SaleMove

Sphere of activity: customer-oriented platforms for online commerce

With the help of solution created by SaleMove, you are able to interact with your online customers in a real-time by means of voice or video connection. Mainly, company’s services will come in handy for businesses selling expensive goods like cars, jewelry, estate etc.

Unison

Sphere of activity: loans

The company claims it is a leader in the market of private property investment. Unison deals with durable investments by cooperating with the property owners with the help of two programs. The first one allows reducing the initial fee amount due to mutual investment in estate and implies that the company will pay the part of the debt. The second one provides you with a loan for the already opened mortgage.

Meantime, customers are not obliged to make payments to the company on a monthly basis the same as repay his or her debt to the due date. When there comes time to sell the property, the company takes its share of it. That means Unison is faced with the same risks as the owner of a property.

As you can see, the solutions we’ve talked about in this article aimed at solving the real scope of problems existing within different industries. To do that, many of them take advantage of advanced technologies like AI, chatbots or machine learning.

Nataliia Kharchenko is a Technical Writer at Cleveroad. It is web and app development company in Ukraine that successfully implements various projects of any complexity. The main goal of the company is to provide clients with quality and exceptional software.

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