AI to dominate fintech for next five years, WEF study reveals; Blockchain emerges as key tool to tackle bias in AI training; Voice AI startup ElevenLabs attains unicorn status with $1.1 billion valuation in latest funding round; EY survey unveils Gen AI’s impact on Indian retail transformation- this and more in our daily roundup. Let us take a look.
1. AI to dominate fintech for next five years, WEF study reveals
AI is poised to lead fintech development over the next five years, with 70% of respondents in a World Economic Forum study highlighting its relevance. The research, conducted by Bryan Zhang of the Cambridge Centre for Alternative Finance, gathered insights from 227 fintech firms across various verticals and regions. Societal and economic impact emerged as a concern, with 41 percent emphasising the necessity for sustainable finance schemes, Economic Times reported.
2. Blockchain emerges as key tool to tackle bias in AI training
Blockchain, the technology powering Bitcoin, may revolutionise AI by addressing data bias. Executives believe using blockchain to store AI training data can prevent biases and misinformation, enhancing the technology’s reliability. Casper Labs, in collaboration with IBM, is developing a system where datasets are stored on the blockchain, providing a tamper-proof record of AI training. This approach allows for monitoring and rollback if the AI exhibits undesired behaviours or hallucinations, according to a CNBC report.
3. Voice AI startup ElevenLabs attains unicorn status
Voice AI startup ElevenLabs has achieved unicorn status, and is now valued at $1.1 billion after raising $80 million in a Series B funding round led by Andreessen Horowitz. The London-based company specialises in AI-generated voices with diverse languages, accents, and emotions. With a customer base including Storytel and The Washington Post, ElevenLabs aims to expand its remote workforce from 40 to 100 by year-end. The surge in investor interest reflects the growing adoption of AI voice generation in various industries, according to a Reuters report.
4. EY survey unveils Gen AI’s impact on Indian retail transformation
Gen AI is driving a transformative shift in Indian retail, as revealed by a recent EY survey. With 54 percent anticipating cost reduction and 50 percent expecting a value chain overhaul, Gen AI is poised to revolutionise inventory management, predictive maintenance, and dynamic pricing. AI expert Jaspreet Bindra envisions Gen AI bots enhancing search and buying experiences, potentially boosting retail value by $20 billion. Hyper-personalization, impacting customer experience according to 76 percent of respondents, heralds AI-powered innovations like virtual assistants and dynamic loyalty programs, WION reported.
5. Domino data lab partners with Atlantic council to boost defence capabilities through AI
Domino Data Lab has joined the Atlantic Council’s Commission on Software-Defined Warfare to enhance U.S. and allied defence capabilities through software, especially AI platforms. Domino President Joel Meyer will represent the company, collaborating with leaders like former U.S. Secretary of Defense Mark T. Esper to develop a framework for leveraging digital capabilities. They aim to recommend scalable, governable, and cost-effective AI approaches, addressing the transformative impact of advanced commercial technology on battlefield dynamics, via PR Newswire.
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