Lloyds Banking Group is joining forces with a deep tech startup UnlikelyAI, to explore how artificial intelligence (AI) technology could bolster innovation and enhance customer experience.
Through the new partnership, Lloyds Banking Group will test UnlikelyAI technology within its Innovation Sandbox. It will look to conduct a proof of concept experiment to explore how neurosymbolic AI can be used across the Group, in a way that delivers responsible, accurate and consistent support.
The neurosymbolic approach combines neural networks (which learn from data) with symbolic reasoning (which follows logic and rules) to create smarter and more reliable AI. UnlikelyAI’s platform uses this approach to deliver AI that is more transparent, explainable and free from hallucinations than other models.
UnlikelyAI was founded in 2019 by William Tunstall-Pedoe, the creator of the voice assistant Evi, which Amazon acquired in 2012 and integrated into the creation of the Alexa voice assistant by the Evi team two years later.
Now, Lloyds Banking Group says it plans to use UnlikelyAI alongside existing AI platforms to support better customer experiences and reinforce its leadership in responsible AI adoption.
“We’re harnessing the power of AI to revolutionise banking,” said Ranil Boteju, chief data and analytics officer at Lloyds Banking Group. “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.”
Solving ‘fundamental’ LLM problems
“This new partnership with one of the biggest, oldest, and most trusted British banks is testament to the demand for novel AI solutions in regulated industries,” added Tunstall-Pedoe. “It also represents a significant milestone in making AI effective, trustworthy, safe and compliant in the banking sector.”
The founder secured $20million in seed funding in 2023 for UnlikelyAI to help advance the AI platform. Its senior team now includes the likes of its chief administrative officer, Fred Becker, who previously helped scale Skype and Symphony.
“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.”
UnlikelyAI says it is aiming to position itself at the forefront of creating trustworthy, scalable AI solutions from its bases in London and Cambridge.
