Latest news with #UnlikelyAI
Yahoo
10-07-2025
- Business
- Yahoo
Lloyds Banking (LYG) Announced its Partnership With a British AI startup
Lloyds Banking Group plc (NYSE:LYG) is one of the 11 Hot Penny Stocks to Buy Right Now. On July 2nd, Lloyds Banking Group plc (NYSE:LYG) announced partnering with British AI startup UnlikelyAI to test a groundbreaking neuro-symbolic AI technology aimed at improving innovation and customer experience in banking. The Neuro Symbolic AI approach combines neural networks with symbolic reasoning. The hybrid method aims to produce AI outputs that are more accurate, transparent, explainable, and free from hallucinations. UnlikelyAI was founded by William Tunstall-Pedoe, who also created the Evi voice assistant acquired by Amazon and integrated into Alexa. An aerial shot of a business district with the company's headquarters towering above its competitors. Lloyds Banking Group plc (NYSE:LYG) is conducting a proof-of-concept experiment within its Innovation Sandbox to explore how this AI can be used responsibly across the Group to deliver consistent, accurate, and compliant support for customers and staff. Lloyds Banking Group plc (NYSE:LYG) is a major UK-based financial services company that primarily serves retail and commercial customers. It operates through three main business segments, including Retail, Commercial, Insurance, Pensions, & Investment Banking. While we acknowledge the potential of LYG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
04-07-2025
- Business
- Yahoo
Lloyds Banking Group taps UnlikelyAI for customer experience
Lloyds Banking Group has collaborated with UnlikelyAI to explore the application of AI in customer experience. The partnership will focus on evaluating explainable AI through UnlikelyAI's neuro symbolic platform, which combines neural networks and symbolic reasoning to produce accurate and transparent results. Founded by William Tunstall-Pedoe, who previously developed the Evi voice assistant later integrated into Amazon's Alexa, UnlikelyAI will support Lloyds in a proof-of-concept study within its Innovation Sandbox. The initiative will assess the potential of neurosymbolic AI to deliver accountable solutions across the organisation to enhance decision-making. Lloyds Banking Group chief data and analytics officer Ranil Boteju stated: '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.' UnlikelyAI founder and CEO William Tunstall-Pedoe said: 'This new Lloyds UnlikelyAI partnership with one of the biggest, oldest, and most trusted British banks is testament to the demand for novel AI solutions in regulated industries. '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.' In April, Lloyds partnered with Google Cloud to advance its artificial intelligence and data science capabilities. This collaboration involves the creation of a machine learning and generative AI platform utilising Google Cloud's Vertex AI. "Lloyds Banking Group taps UnlikelyAI for customer experience " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
02-07-2025
- Business
- Finextra
Lloyds Banking Group to test neurosymbolic AI
Lloyds Banking group is opening its innovation sandbox to a neural network-based AI product from UnlikelyAI. 0 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.
Times
25-06-2025
- Business
- Times
Can AI be made trustworthy? Alexa inventor may have the answer
One of the inventors of Amazon's Alexa has proven he can make AI trustworthy — at least when it comes to assessing valid insurance claims. William Tunstall-Pedoe originally developed the technology that became the retail giant's voice assistant service and his new venture, called UnlikelyAI, has an even more ambitious goal. 'We are tackling a problem that is potentially bigger than Alexa, which is making AI trustworthy,' he said. His company has combined data-driven learning models, known as neural networks or large language models (LLMs), with rule-based systems, called symbolic reasoning, to create a platform that companies can use to automate their processes using AI. 'LLMs have amazing capabilities and are absolutely transformative but when enterprises try to apply LLMs to problems in their business it very often doesn't work,' said Tunstall-Pedoe, 56. 'A lot of pilots don't really succeed. It is a black box, isn't explainable, and it is inconsistent. We are developing fundamental technologies to tackle that problem.' UnlikelyAI has completed a pilot with SBS Insurance Services, which saw the insurer automate 40 per cent of its claims handling with 99 per cent accuracy. This compares with a rate of accuracy for the same task that is typically around 52 per cent when just using LLMs, the company said. UnlikelyAI's system also provides an audit trail for all its decisions, so they can be explained if queried by customers or regulators. 'We are building a collection of technologies that bring trust to AI applications. Whenever enterprises are using AI to do business critical things, where the cost of getting it wrong is high, we can help,' said Tunstall-Pedoe. 'In the insurance world we are ingesting the policies, which are natural language. We create a symbolic representation of it, which then gives you that really high accuracy when doing the claims process against it.' He sold the technology that became a key part of Amazon's Alexa voice assistant in 2012. It originated in a startup he founded in Cambridge called True Knowledge, which became known as Evi after it developed a voice assistant, a few months after Apple launched Siri. 'We were competing directly with the biggest company in the world as a 30-person Cambridge startup. We had millions of downloads very quickly and every big company that was trying to figure out its response to the existence of Siri were talking to us. At the end of 2012 we had two acquisition offers and we chose to get bought by Amazon.' Tunstall-Pedoe joined the Amazon team to develop Alexa, working on an initiative under the Project D codename, and launching it in the US in 2014. He left Amazon in 2016 and has since invested in over 100 start-ups and mentored entrepreneurs. He founded UnlikelyAI in 2020 and has since raised $20 million from investors including Amadeus Capital Partners, Octopus Ventures, and Cambridge Innovation Capital. Tunstall-Pedoe said UnlikelyAI's 'goal is to create AI that is always right'. 'When it gives you an answer you can always trust it. It can always provide a fully auditable explanation for any business decision that is made. And it will be consistent, and not breach your trust by giving a different answer each time you use it.' 'Our primary customers are high stakes industries, where a business decision has really big consequences if it's wrong. Medicine is a good example. Finance is also very important, or any industry that is regulated. If you breach regulations you can be fined.'
Entrepreneur
14-06-2025
- Business
- Entrepreneur
Entrepreneur UK's London 100: Unlikely AI
Industry: Artificial Intelligence UnlikelyAI is pioneering a novel approach that fuses large language models with symbolic methods to boost AI accuracy, safety, and transparency. In fields like healthcare, it's building technology that delivers explainable, verifiable insights - maximizing AI's benefits without compromising safety. Founder William Tunstall-Pedoe previously created Evi, the tech behind Amazon Alexa.
