Lloyds Banking group is opening its innovation sandbox to a neural network-based AI product from UnlikelyAI.
UnlikelyAI’s platform focuses on delivering AI that is explainable and free from hallucinations. It achieves this through a neurosymbolic approach, which combines neural networks (which learn from data) with symbolic reasoning (which follows logic and rules) to create a smarter and more reliable AI.
The firm was founded by William Tunstall-Pedoe, the creator of the voice assistant Evi, which was acquired by Amazon in 2012 and integrated into the creation of the Alexa voice assistant by the Evi team two years later.
He says: “We built UnlikelyAI to solve the fundamental problems that have prevented LLMs from being deployed safely in customer-facing financial services. Our unique approach enables banks to harness the power of conversational AI while complying with the regulations and standards that are fundamental to operations.”
Lloyds is to run a proof-of-oncept of the technology in its innovation sandbox, testing UlikelyAI's approach alongside existing AI platforms.
Ranil Boteju, chief data and analytics officer at Lloyds Banking Group, says: “We’re harnessing the power of AI to revolutionise banking. UnlikelyAI’s neurosymbolic approach will allow us to test innovative new features for colleagues and customers that are not only useful, fast and intelligent, but also transparent and reliable. Together with UnlikelyAI, we are committed to ensuring that innovation goes hand-in-hand with customer benefit, accuracy and compliance.”
William
The announcement follows the latest No Ordinary Tech Podcast episode from Lloyds Banking Group, which features Ranil Boteju and UnlikelyAI’s CEO, William Tunstall-Pedoe, who discussed how fintechs and businesses can work together to accelerate innovation.