Johannesburg, 19 Jun 2024
FinTech Global named Sybrin as one of the top 100 companies shaping the future of artificial intelligence (AI) in finance. This prestigious distinction places Sybrin among the elite group on the fourth annual AIFinTech100 list. The renowned research platform meticulously selected finalists from a pool exceeding 2 000 nominated companies. AIFinTech100 highlights the industry's leading forces driving innovation and efficiency through AI.
The announcement yesterday coincides with exciting growth projections for AI in fintech. According to FinTech Global, recent research shows that the market is poised to surge from $42.83 billion in 2024 to a healthy $50.87 billion by 2029. Banks are at the forefront of this adoption, with estimated spending on AI platforms reaching $4.9 billion by the end of 2024 – a 21.8% compounded annual growth since 2019.
"Generative AI and artificial intelligence in general are opening opportunities in the financial services sector to not only get ahead of the competition but to also increase efficiencies and offer personalised products to clients," stated Richard Sachar, Director at FinTech Global. “This year’s AIFinTech100 list details some of the best and the brightest in this area who are developing AI applications in areas such as banking, insurance, compliance, customer experience, investment and trading and payments.”
Sybrin is a leader of this transformative trend. By harnessing the power of AI, machine learning and data science, Sybrin delivers a powerful know your customer (KYC) solution. This intelligent solution streamlines onboarding processes by automatically screening against global sanctions and watchlists in real-time, flagging potential risks for further review while ensuring a quick and efficient experience for low-risk clients.
"Being named an AIFinTech100 leader is a tremendous honour," said Stacey Japhta, Sybrin's Executive Head of Growth. "This recognition underscores our unwavering commitment to innovation and empowering financial institutions, and other organisations, by leveraging AI to automate their business processes. We are passionate about risk mitigation and identity verification, and we firmly believe our AI-driven solutions equip our clients to navigate today's complex landscape with confidence, ensuring both compliance and customer trust."
Sybrin’s AI technology increases accuracy and decreases workloads. A key advantage is its ability to continuously learn and rapidly adapt to changes. Furthermore, it automates repetitive and mundane tasks like processing, capturing and authenticating vast data volumes, minimising human error and freeing up resources to focus on higher-level priorities.
For the complete list and profiles of the 2024 AIFinTech100 companies, download the research PDF here: http://www.aifintech100.com.
Share
Sybrin
Leveraging their 30+ years of industry experience, Sybrin uses AI, machine learning, and data science to overcome challenges in the financial services, insurance, and telecommunications industries. Passionate about risk reduction and identity verification, Sybrin leans on the power of AI and ML to automatically perform real-time screening against global sanction lists and watchlists to identify and flag potential high-risk customers for further review, while onboarding low-risk customers quickly and efficiently.
They've honed their expertise in challenging markets like Africa and Asia, making them well-equipped to excel in diverse landscapes such as the USA. With a global reach, they've sold 800+ systems across financial services, insurance, and telecommunications industries and deployed solutions in 20+ countries worldwide, serving over 100 customers. Reach out to www.sybrin.com/contact to find out how Sybrin can help you with your digital journey.