CB Insights – GenAI in Financial Services

The report focuses on the use of generative artificial intelligence (GenAI) in financial services.

It includes detailed reports on five companies operating in this field. Key findings include rapid growth, as exemplified by Basis, which raised $37.6M in 14 months and increased its workforce by 243%, indicating high demand for AI solutions in accounting. Proven results are shown through a partnership with Wiss & Company, demonstrating the effectiveness of Basis's platform by reducing time spent on routine tasks by 30%. Competitive challenges are noted, with Basis facing pressure from competitors like FloQast and BlackLine. Boosted.ai is highlighted as an institutional market leader, serving over 300 clients with assets exceeding $3T through its Alfa platform. A focus on operational efficiency is indicated by a 10% reduction in Boosted.ai's workforce over two years, pointing to a strategic shift towards operational efficiency.