Artificial intelligence (AI) wealth platform TIFIN has unveiled a new venture dedicated to creating AI-powered FinTechs.
The company’s TIFIN.AI, announced in a Thursday press release (July 27), will work to develop Tifin’s next cohort of FinTechs, with the help of an investment from banking giant J.P. Morgan.
“TIFIN.AI embodies TIFIN and J.P Morgan’s common vision that AI is set to become an integral component of every wealth and asset management interaction,” per the release. “By leveraging the power of AI, many more professionals and individuals can now harness valuable insights and recommendations, empowering them to make informed financial decisions.”
The company’s previous venture, TIFIN Studios, created five companies between 2018 and 2021, and yielded a number of profitable launches and three subsidiaries.
“At TIFIN it is our mission to deliver impact through innovation at speed,” TIFIN founder and CEO Vinay Nair said in the release.
“The Studios model is deeply ingrained in our DNA and we are proud to have built a platform to help accelerate the future. I am excited to collaborate with talented and visionary employees and apply the tremendous innovation in AI to change financial outcomes for individuals through the companies that we create and launch.”
This latest launch is happening in the middle of what PYMNTS recently described as an “AI gold rush,” as the technology begins “producing change-the-game efficiencies within industry-specific intelligent business applications.”
While many experts that PYMNTS has interviewed have stressed over and over that AI should be seen as a way to enhance, not replace, the work done by humans, it still has the potential to fundamentally transform workflows across the marketplace.
“And as business leaders — and junior staff — look to stay in front of the generative AI wave, they will need to pay equal attention to avoid being run over by it,” that report said.
Meanwhile, while banks have been somewhat cautious about AI, they also recognize the importance of the technology, J.P. Morgan among them.
“We’re ahead of our plan to deliver on our commitment to deliver $1 billion in business value through AI,” during 2023 alone, Chief Information Officer Lori Beer told analysts in a recent earnings presentation.
The bank has increased its artificial intelligence and machine learning use cases by more than 34% since last year. Leveraging AI, Beer said, has helped personalize products and experiences for retail customers, with $220 million in positive revenue impact last year.
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