Lloyds Banking Group is set to enhance its innovation efforts by integrating a neural network-based AI product developed by UnlikelyAI into its innovation sandbox.
UnlikelyAI specializes in creating AI systems that prioritize explainability and minimize erroneous outputs. Their unique neurosymbolic approach merges neural networks, which learn from data, with symbolic reasoning that adheres to logical rules. This combination promises to deliver a more intelligent and dependable AI solution.
The company was established by William Tunstall-Pedoe, the visionary behind Evi, a voice assistant acquired by Amazon in 2012. Evi’s team subsequently played a significant role in developing the Alexa voice assistant.
Tunstall-Pedoe states, “At UnlikelyAI, our mission is to address the core challenges that have hindered the safe deployment of large language models (LLMs) in customer-facing financial services. Our innovative method empowers banks to leverage conversational AI while adhering to the essential regulations and standards crucial for operational efficacy.”
Lloyds will conduct a proof-of-concept for this technology within its innovation sandbox, evaluating UnlikelyAI’s methodology alongside its existing AI frameworks.
According to Ranil Boteju, Chief Data and Analytics Officer at Lloyds Banking Group, “We are leveraging the potential of AI to transform the banking experience. UnlikelyAI’s neurosymbolic approach enables us to explore innovative features for both colleagues and customers that prioritize usability, speed, and intelligence, all while ensuring transparency and reliability. Together with UnlikelyAI, we are dedicated to fostering innovation that enhances customer experience with accuracy and regulatory compliance.”
This announcement coincides with the latest episode of the No Ordinary Tech Podcast from Lloyds Banking Group, where Boteju and Tunstall-Pedoe discussed the collaborative efforts between fintechs and traditional businesses to expedite innovation.