When learning becomes cognition. Photograph by Agliolo Mike Getty Images\/Photo Researchers RM <\/p>\n
Spanish lender Banco Santander SA has invested in two artificial-intelligence companies, part of the financial industry's increased focus on technology smart enough to mimic human thinking, sources familiar with the deals told Reuters. <\/p>\n
The bank's venture arm, Santander InnoVentures, bought stakes in Personetics Technologies, which provides automated customer service, and Gridspace, whose software can learn and interpret language the way a person would, the sources said. <\/p>\n
The size of the investments could not be determined and the sources asked not to be named because they were not allowed to disclose the information publicly. <\/p>\n
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The deals underscore how lenders have become more interested in using artificial intelligence for a wide variety of tasks, including hiring, spotting fraud, improving call centers and recommending products for customers. <\/p>\n
Personetics, which has offices in New York, London and Tel Aviv, creates \"chatbots\" that can respond to customer questions through popular messaging platforms like Facebook's ( fb ) Messenger. French bank Societe Generale, for instance, is using Personetics to answer queries about equity funds in its Romanian banking unit. <\/p>\n
San Francisco-based Gridspace's technology can be used by banks to monitor conversations between customers and employees at call centers to improve service. <\/p>\n
Its Time to Hire a Chief AI Officer <\/p>\n
Santander ( san ) set up its London-based InnoVentures group in 2014 to invest in young financial-technology companies that can improve its digital offerings. The division was initially allocated $100 million to invest but was given an extra $100 million in July. <\/p>\n
It has backed more than a dozen companies so far, including automated wealth manager SigFig, Swedish payments company iZettle and Digital Asset Holdings, which develops blockchain software and is led by former JPMorgan Chase & Co ( jpm ) commodities chief Blythe Masters. <\/p>\n
Other global banks have venture units with similar remits. Santander InnoVentures was among the most active bank-owned investors in fintech companies last year, alongside Goldman Sachs Group ( gs ) and Citigroup ( c ) , according to data by CB Insights. <\/p>\n
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Banco Santander Invests in Artificial Intelligence Startups - Fortune<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" When learning becomes cognition. Continue reading