Hawk AI recognized as a world-leading AI Fintech by the 2023 AIFinTech100
Munich, 29 June 2023 – Hawk AI, the leading platform for AML (Anti-Money Laundering) Surveillance, has again been named one of the top 100 AI Fintech companies in the world by Fintech Global.
The AIFINTECH100, selected by a panel of industry experts and analysts, is an annual list of 100 of the world's most innovative AI solution providers for financial services. These are the companies every financial institution needs to know about as they consider and develop their digital transformation strategies and new customer propositions.
Out of a pool of over 2,000 companies, Hawk AI was selected after undergoing rigorous evaluation by a panel of industry experts and analysts as part of Fintech Global's annual research.
This recent achievement reaffirms Hawk AI's position as a technology leader, having previously been featured in 2022 AIFINTECH100, winning the 2022 "Early Stage" Fintech Germany Award, and the Fraud and Financial Crime category in the 2023 Regtech Pitch! APAC awards.
Money laundering and fraud are significant economic and societal problems. Over $2 trillion is laundered annually, and fraud losses in the US were over $41 billion in 2022, while fraud has increased by more than 37% in high-growth markets over the last 12 months. Financial institutions are constantly pressured to improve their transaction monitoring, screening, and customer due diligence initiatives to protect their business. Augmenting traditional rule-based systems with Explainable AI allows institutions to find more cases of financial crime while drastically reducing the burden of false positives that overwhelm internal teams.
Hawk AI is led by industry experts that have successfully built payment firms and digital banks. The company experienced 298% year-over-year revenue growth in 2022 and won the Fraud & Financial Crime Category at Regulation Asia's Pitch Regtech 2023 competition. Furthermore, Hawk AI added Singapore to its global presence spanning Munich, London, New York, San Francisco, and Paris.
Hawk AI operates in more than 60 countries across Europe, North America, Asia, and Latin America, processing billions of customer transactions, including large financial institutions and listed entities. The company partners with leading firms, including VISA and Diebold Nixdorf, and more than 40% of Hawk AI's revenue originates from the US.
Richard Sachar, the Global Director of FinTech, emphasizes the critical importance for established financial institutions to stay abreast of innovative AI and data analytics technology. "In today's ever-evolving market, the ability to deliver competitive financial products and expand their customer base hinges on their awareness of the latest advancements in these areas." Sachar asserts that the AI FINTECH100 list is a valuable resource for senior decision-makers within the industry. It aids them in navigating the vast landscape of vendors by pinpointing the leading AI innovators poised to make a lasting impact on the financial sector. By leveraging these transformative technologies, financial institutions can position themselves at the forefront of innovation and capitalize on emerging opportunities.