AI’s dominance in fintech, the rise of unicorn AI startup ElevenLabs, and other AI developments you might have overlooked today

According to a study by the World Economic Forum, artificial intelligence (AI) is expected to have a significant presence in the fintech industry for the next five years. The study also highlights the emergence of blockchain as a crucial tool in addressing bias in AI training. Additionally, voice AI startup ElevenLabs has achieved unicorn status with a valuation of $1.1 billion in its latest funding round. Furthermore, a survey conducted by EY reveals the impact of Generation AI on the transformation of the Indian retail sector. These are just a few highlights from our daily roundup.

1. Artificial intelligence will dominate fintech for the next five years, WEF research reveals

Artificial intelligence is poised to lead fintech development over the next five years, with 70% of respondents to a World Economic Forum survey highlighting its importance. The study, conducted by Bryan Zhang of the Cambridge Center for Alternative Finance, gathered insights from 227 fintech companies across industries and regions. Social and economic impacts emerged as a concern, with 41 percent emphasizing the need for sustainable financial systems, the Economic Times reported.

2. The blockchain will emerge as a key tool for addressing bias in artificial intelligence education

Blockchain, the technology that powers Bitcoin, could revolutionize artificial intelligence by addressing data bias. Executives believe that using blockchain to store AI training data can prevent bias and misinformation, improving the reliability of the technology. Casper Labs is working with IBM to develop a system where datasets are stored on a blockchain, providing a tamper-proof record of AI training. This approach allows for monitoring and cancellation if the AI exhibits unwanted behavior or hallucinations, according to a CNBC report.

3. Voice AI startup ElevenLabs reaches unicorn status

Voice AI startup ElevenLabs has reached 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 specializes in AI-generated voices with different languages, accents and emotions. ElevenLabs’ client base includes Storytel and The Washington Post, and it aims to expand its remote workforce from 40 to 100 by the end of the year. According to a Reuters report, the increase in investor interest reflects the proliferation of AI voice production in a number of industries.

4. EC research reveals the impact of Gen AI on the transformation of Indian retail

Gen AI is driving change in Indian retail, as revealed by a recent study by EY. Gen AI is poised to revolutionize inventory management, predictive maintenance and dynamic pricing, as 54 percent expect cost reductions and 50 percent value chain renewal. Artificial intelligence expert Jaspreet Bindra sees a generation of AI bots improving search and shopping experiences and potentially increasing the value of retail by $20 billion. Hyperpersonalization, which affects the customer experience for 76 percent of respondents, represents AI-based innovations such as virtual assistants and dynamic loyalty programs, WION reports.

5. Domino Data Lab partners with Atlantic Council to improve defense capabilities with artificial intelligence

Domino Data Lab has joined the Atlantic Council’s Commission on Software Defined Warfare to improve US and allied defense capabilities through software, particularly artificial intelligence platforms. Domino’s President Joel Meyer represents the company and is working with leaders such as former US Secretary of Defense Mark T. Esper to develop a framework for leveraging digital capabilities. Through PR Newswire, their goal is to recommend scalable, manageable and cost-effective AI methods that address the changing effects of advanced commercial technology on battlefield dynamics.

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