Catering to this demand for AI in the banking industry are a number of startups - many of which have attracted significant financial backing .
Darktrace Cambridge , UK-based Darktrace has raised $ 230.5mn across eight funding rounds since its 2013 foundation . The company ’ s offering takes the immune system as its inspiration , with its main product , the Enterprise Immune System , bringing AI to cybersecurity and allowing for rapid , autonomous responses to incoming threats .
Tailoring its software to a number of industry verticals , of its financial services offering it says : “ Darktrace is uniquely positioned to defend against the full range of cyber threats . The self-learning AI technology detects and responds to all emerging malicious activity , reacting in seconds to protect organisations from zero-day exploits , insider threats , and machine-speed ransomware .”
Sift Fraud detection is one of the most important responsibilities for financial institutions , and it ’ s here that AI is once again easing burdens . San Francisco ’ s Sift has to date raised over $ 100mn for its platform , which utilises machine learning to protect businesses from everything from payment fraud to account takeovers . It does so by dynamically creating a trust score based on user behaviour .
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