Toggle AI says it is acquiring financial data/analysis platform Atom Finance.
The company, which provides artificial intelligence (AI) solutions for investing to hedge funds, banks and brokerages, announced the deal in a Wednesday (May 15) news release. No financial terms were released.
“Atom Finance is a top provider of frontend infrastructure for banks, brokerages, wealth managers and fintechs,” the release said. “The acquisition will enable Toggle AI to enhance its offering by incorporating Atom Finance’s robust suite of features, expanding its data universe, and providing users with an even more comprehensive investing experience.”
Research by PYMNTS Intelligence has shown that generative AI is the latest in a long line of technologies that are transforming the finance and banking sectors.
The applications of this technology in the financial space include everything from enhancing consumer interactions to refining risk assessment models, according to PYMNTS Intelligence’s “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.”
That report also found that 83% of professionals in the financial sector believe their institution is interested in employing generative AI.
In addition to serving as a tool to meet the growing demand for personalized customer services, the technology’s applications also include critical areas like environmental, social and governance (ESG) and anti-money laundering (AML) initiatives, PYMNTS wrote.
Elsewhere on the AI front, PYMNTS on Wednesday explored how the recent product announcements from Google and OpenAI illustrate the way “AI solutions are being infused across business processes and software as big tech turns toward the B2B space as its next addressable market.”
As that report noted, tech giants like Microsoft, Google and Amazon are already as valuable as they are because they’ve created a vast ecosystem of products and services. Expanding these ecosystems into the B2B space lets them gain even more value from old customers while attracting new ones.
“Computers can now behave like humans. They can articulate, they can write and can communicate just like a human can,” Beerud Sheth, CEO at conversational AI platform Gupshup, told PYMNTS. “No one ever thought a bulldozer could behave like a human, or fire, or any of the prior inventions throughout history. AI has animated society in a way that no other technology has before.”
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