Everyday we hear about Artificial Intelligence (AI) and Machine learning in different contexts. Entrepreneurs like Elon Musk fear that it will doom the human race. Notably, the Russian President Mr Vladimir Putin was recently quoted telling students that whoever masters AI will rule the world.
When ordinary people hear about A.I their thoughts immediately venture towards machine based programs encountered in movies like Star Trek and Star Wars. This is not the only form of AI that exists. We have previously covered Indian start-ups working in AI. In this post we will feature some start-ups in Europe who have incorporated artificial intelligence into their products and services.
What Is AI ?
In computer science, AI refers to the study and demonstration of intelligent behaviour by machines. For a long time it was believed that machines will find it difficult to demonstrate human like intelligence.
This has now been proven wrong because with each passing decade, technology has shown that machines can not only perform intelligent tasks but can also outperform humans in many areas. While humans still regain mastery over facial recognition, creativity and some aspects of visualisation, computers are catching up fast by learning to replicate human neural circuits digitally. You should check out Google’s AI Experiments to know more.
While the use of A.I will no doubt have disastrous consequences in military applications. It offers an edge to organisations when they use it for behavioural analytics and decision making. Given below are seven AI focused companies that are reshaping how corporations do business around the globe.
Digital Reasoning – www.digitalreasoning.com
This firm harness the power of cognitive computing to ensure computers understand data better and deliver accurate predictions. The company has built a suite of software that can learn and further build itself based on their environmental needs. Software that can learn in this manner is also called machine learning software and it is being used in a wide variety of sectors. By harnessing the power of cognitive computing, Digital Reasoning helps organisations and people make better decisions.
The companies products are being used by government agencies, healthcare professionals and financial sector workers. Some of the users have reported enhanced productivity and large cost savings. These outcomes were a result of the timely decisions taken and insight garnered through their technology.
Inter Systems – www.intersystems.com
This organisation builds the core engine driving software managing some of the most important applications around the globe. Their AI systems are being by a wide variety of users in the government, healthcare and business. It’s products reach over 500 million over the globe and are scalable to meet varied needs. With efficient solutions, the companies products has saved thousands of lives. Some it’s success stories are :
- Setting up a healthcare system for US Army Veterans.
- Members of the 40,000 strong Belgian Police force relies on systems built by Inter Systems for coordinating their policing activities.
- One of South Africa’s largest NGO’s fighting HIV/ AIDs has deployed their solution to support 4,400 clinics and hospitals.
Money Hub Enterprise – www.moneyhubenterprise.com
Money Hub provides financial solutions for employers, insurance companies and businesses. The company aims to drive customer and employee loyalty by harnessing personal analytics to offer financial solutions. The well being of employees is core concern of organisations and Money Hub can help your staff cope with financial issues facing them.
With the Money Hub app users can see all their finances listed in one single platform. They can choose to get alerts when their balance dips below limits set by them. The company can also provide incentives which reduces financial worries and increases productivity. Studies have shown that regular usage of it’s app can drive up productivity in the organisation and reduces employee abstentions.
Akoni Hub –blog.akonihub.com
Cash rich companies have a niggling worry. How to generate optimum risk free returns on their cash holdings so that shareholder wealth is maximised. Interest rates offered by different banks on cash holdings is always changing and it is difficult for managers to get the best rate. Akoni helps such companies in cash management by re-balancing accounts automatically to ensure the maximum amount earns the highest interest rate.
It’s AI platform is integrated with multiple banks and you can personalise your saving options. The company was recently judged among the top ten fin-tech companies in Europe by the Spanish Wealth Management agency BBVA.
Bond It – www.bonditglobal.com
Fixed income advisory is going digital with Bond It, which helps automate fixed income portfolio creation for its clients. By defining your yields and client constraints across 12 different variables, all it takes is 15 minutes to setup your client portfolio. Winner of several portfolio analytics awards, the company’s products are being used by Private Wealth Managers and Institutional Banks.
Their cloud based SaaS solution is today being used by investment managers to harness it’s machine learning abilities to deliver maximum returns to clients. The investment in BondIT’s technology is worth it because the resulting increase in Assets Under Management(AUM) is quite overwhelming, as users have reported. You can sign up for a free demo of their product on their website.
DM Way – dmway.com
Winner of the Red Herring Global and named as an emerging star in the Global Fintech 100, DM Way provides end to end solutions for e-commerce, finance, communication and digital marketing. The company will help to automate your analytic processes and deliver better decisions with the help of predictive analytics.
Every organisation does not need to hire a data scientist to use their solution, it can be used for number crunching without any specialised training. It’s analytic engine is quite robust and adaptive delivering high levels of models and robust solutions.
Featurespace – www.featurespace.co.uk
The world leader in Behaviour Analytics technology, Featurespace’s ARIC platform helps monitor customer data in real time. It is programmed to spot any anomalies that may arise to safeguard your customer interests while maximising your organisation revenue. It’s products are being used for fraud monitoring by banks and to ensure responsible gambling by Casino’s.
Gambling legislation passed by governments require Casino’s to ensure players do not overspend outside their financial abilities. Featurespace’s solution helps monitor all player data in real time to determine who is at risk of overstepping his limits to ensure timely intervention.The company has won several notable awards for helping promote responsible gambling across the world.