EDMONTON, AB, June 25, 2024 /PRNewswire/ - AltaML earns its place on the AIFinTech100 list for the second consecutive year, as recognized by FinTech Global, reaffirming its status as one of the foremost innovators in providing cutting-edge artificial intelligence (AI) solutions tailored for the financial services sector and beyond.

Reflecting the accelerated growth in the AI market, this year's selection process was fiercely competitive, according to FinTech Global. A panel of industry experts and analysts selected the finalists after conducting extensive research on over 2,000 companies.

"As a well-established organization in this space, our goal is to usher in a new era of AI technologies that drive efficiency and innovation while ensuring ethical implementation for widespread adoption across businesses," said Nicole Janssen, Co-Founder and Co-CEO of AltaML. "The global recognition of our work serves as a testament to our strengths and the value we provide to our customers."

Since its launch in November 2022, ChatGPT has revolutionized the way industries operate and perceive business. In the past 18 months, countless financial institutions have leveraged generative AI to reinvent traditional tasks, with many expecting this trend to accelerate further.

Recent research highlighted by FinTech Global, shows the growing investment within the FinTech space. The AI market size in FinTech is projected to increase from $42.83 billion to $44.08 billion by 2024, and further to $50.87 billion by 2029.

"Generative AI and artificial intelligence in general are opening opportunities in the financial services sector to not only get ahead of the competition but to also increase efficiencies and offer personalized products to clients. This year's AIFinTech100 list details some of the best and the brightest in this area who are developing AI applications in areas such as banking, insurance, compliance, customer experience, investment and trading and payments," said Richard Sachar, Director of FinTech Global.

"Demonstrating a steadfast commitment to leadership within this sector is paramount," added Duncan Mundell, Head of Invent at AltaML. "Recognition from industry peers further reinforces our efforts to consistently deliver excellence. Given the rapid pace of this field, our teams are dedicated to developing products that not only meet current market needs but also anticipate future demands with innovative solutions."

A full list of the FinTech100 companies can be found here.

About AltaML

AltaML is a leading artificial intelligence (AI)-powered solutions developer. Working with organizations that want to use AI to leverage their data to develop solutions that drive tangible business results, AltaML empowers partners to create operational efficiency, reduce risks, and generate new sources of revenue. Through a deep understanding of organizational pain points and challenges, AltaML's solutions encompass the entire machine learning (ML) life cycle, from evaluating potential use cases and determining feasibility to piloting solutions, putting code into production, and ensuring model evolution.

SOURCE AltaML