Banco Santander Invests in Artificial Intelligence Startups

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. 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. 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. 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. 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.