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.

Lloyds Banking (LYG) Announced its Partnership With a British AI startup

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 to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LYG and that has 100x upsidepotential, check out our report about this cheapest 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.