‘Best Use of AI in Finance’ Award

Celebrates innovative AI-driven solutions that demonstrate excellence in areas such as risk management, fraud detection, trading strategies, customer service, and regulatory compliance.

Who Should Enter

Examples

Previous Winners

What to Include

How to Enter

Download Forms

‘Best Use of AI in Finance’ Award

Celebrates innovative AI-driven solutions that demonstrate excellence in areas such as risk management, fraud detection, trading strategies, customer service, and regulatory compliance.

Who should enter the ‘Best Use of AI in Finance’ category?

This category recognizes outstanding applications of AI that are driving innovation within the financial services industry, including personal and corporate banking, lending, payments, and insurance.

Cloud AI solutions have transformed the way financial institutions operate by automating processes, enhancing decision-making, detecting fraud, and personalizing customer experiences.

These FinTechs incorporate AI to produce advanced analytics, predictive modeling, and automation capabilities to drive operational efficiency, reduce costs, and improve customer experiences.

Your AI solution may have shown innovation in pioneering new methodologies or address previously unmet needs, or significantly improve upon existing processes or practices within the finance sector.

Example use cases

Hall of Fame: Previous Winners

Winner of the 2023 SaaS Award for Best SaaS Product for Management Accounting and Budgeting

Quote from Lead Judge Christopher Southall

“Pilot’s approach is truly unique, combining the strengths of human-assisted automation, real-time collaboration, AI, and expert accountants. This powerful combination not only looks good on paper but also delivers real-world value, as evidenced by the positive feedback from satisfied customers. Pilot’s financial analysis provides valuable insights backed by data, empowering effective decision-making. In essence, Pilot successfully harmonizes expertise and technology, creating a comprehensive solution that stands out.”

Winner of the 2023/24 Cloud Award for Best Cloud Payment, Finance or Billing Solution

Quote from Lead Judge Srini Dharmireddi

Xero is a cloud-based accounting software product that’s easy to use and integrates with more than 1,000 apps.  It’s competitively priced and doesn’t charge extra for additional users, making it an affordable option for growing businesses. Xero also has robust reporting tools and report customization options. Plus, basic inventory tracking in all plans and a capable mobile app. Finally, we were very impressed with the Xero toolset for the automation of the reconciliation process. We at The Cloud Awards think that Xero is the best accounting software for small businesses.”

Winner of the 2023 SaaS Award for Best SaaS Product for Financial Services

Quote From Lead Judge – Christopher Southall 

“A previous winner in the 2022 ‘Best SaaS Product for Financial Services’ category at The SaaS Awards, Sterling Stock Picker continues to shine brightly. At its core is an innovative, next-gen AI-driven platform that consistently delivers highly impressive results to its customers. Since 2022, the platform has evolved even further by introducing a range of new features, making it the cherry on top of this already impressive product offering. Well done from everyone at The SaaS Awards!”

Areas to highlight in your submission

A strong entry for the ‘Best Use of AI in Financial Services’ category should include details on some, or all, of the following areas that the judges will be looking for:

  • User Experience: 

    Consider factors such as usability, reliability, and performance of the solution, as well as its impact on customer engagement, satisfaction, and loyalty.

    Assessment of whether the solution enhances the overall customer experience and meets user expectations and needs.

  • Adaptability and Flexibility:

    Summarize the adaptability and flexibility of the AI solution to evolving market conditions, regulatory requirements, and technological advancements.

    This also includes whether it supports interoperability with existing systems and technologies.

  • Scalability:

    Demonstrate the scalability of the AI solution to accommodate the needs of large financial institutions, diverse financial markets, and complex financial products and services.

    Include whether the solution can scale to handle increasing data volumes, user demands, and transaction volumes while maintaining performance, reliability, and efficiency.

  • Impact: 

    Summarize the impact of the AI solution on the financial industry, including improvements in operational efficiency, risk management, customer experience, and business performance.

    Include evidence of the solution’s effectiveness in achieving measurable outcomes and delivering tangible benefits to financial institutions and stakeholders.

  • Innovation:

    Detail the degree of innovation demonstrated by the AI solution in finance.

    Consider whether the solution introduces novel approaches, methodologies, or applications that address specific challenges or opportunities in the financial industry, and/or its potential to drive transformative change or breakthroughs in the field.

  • Regulatory Compliance:

    Detail whether the solution helps financial institutions comply with relevant regulations, laws, and industry standards governing financial transactions, data privacy, consumer protection, and risk management.

    Also includes whether it supports auditability and reporting requirements.

Next Steps to Enter The A.I. Awards

To enter this FinTech Awards category, or any other category in The FinTech Awards, please follow these three simple steps:

  • Download the entry form. Open up the ‘AI Awards Simple Form’ document.
  • Complete the form. You only need to complete the form once, even if entering multiple A.I. Awards categories.
  • Submit your entry. Head to the ‘Submit Now’ section on our website, select ‘The A.I. Awards’ and the category/categories you are entering from the list, upload your form and any other materials you would like the judges to review, and process your fees.

The A.I. Awards is a program from The Cloud Awards. Since 2011, we’ve been helping organizations across the globe gain the recognition they deserve for market-leading innovation in the cloud computing and software sectors.

For a detailed breakdown of all the benefits you receive as an awards entrant as either a shortlistee, finalist or ultimate winner, please see our “Why Enter?” page. The many benefits are replicated across all international awards programs. If you have any questions about this category, please contact us.