Canberra AI specialist Castlepoint named in global AIFinTech100 list

Canberra AI specialist Castlepoint named in global AIFinTech100 list

Canberra-headquartered artificial intelligence (AI) compliance software specialist, Castlepoint Systems, has been named in the AIFinTech100 as one of the world’s most innovative companies developing AI and machine learning technologies to solve challenges or improve efficiency in financial services.

The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 FinTech companies undertaken by FinTech Global, a data and research firm. The companies making the list were 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.

Powered by AI, Castlepoint automatically discovers, classifies, and controls every document, email, chat message, database, or webpage in an organisation’s network, regardless of its location or format, identifying rogue data and potential compliance risks based on regulatory rules and reporting.

“We’re honoured to be named in the AIFinTech100, which recognises AI innovation solving real world problems in financial services,” said Rachael Greaves (pictured), Castlepoint CEO and Co-Founder.

“Castlepoint’s AI challenges the traditional models for managing information that really do not work well anymore. With growing data stores, increasing security risk, more diverse applications, and regulatory obligations and fines rising, organisations need a low-impact, high-coverage method of controlling data risk and value.”

In recent years, the use of AI and data analytics has grown tremendously as financial institutions move towards digital operations and unlock new revenue growth opportunities, minimise operating expenses, and automate manually intensive processes.

“The rate of adoption in areas such as fraud detection, personal finance, customer communications and insurance has accelerated during the pandemic as financial services organisations start to offer new digital services to customers and remote workers,” continued Greaves.

According to data from Business Insider Intelligence, the aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023.

FinTech Global Director, Richard Sachar, said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology innovations to ensure they deliver competitive financial products and reach new customers.

“The purpose of the AIFinTech100 is to help senior management quickly find the most innovative AI companies in areas such as insurance, banking, investment & trading, lending, customer experience, compliance and fraud prevention,” he added.