In a bid to harness the power of AI, Nationwide has announced that it will invest in Scaled Insights.

The company uses behavioural AI to examine consumer’s speech. This allows the system to communicate with customers in language that is most accessible for them. In addition, Scaled Insight’s system analyses over 130 different variables in an individual’s speech patterns. This then gives each a rating of between one and a hundred.

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The system then generates an impression of each persons’ personality traits. It follows a similar pattern to how we listen to a new person speak and create an impression of what they’re like in our minds.

A person’s linguistic personality is just as unique as a fingerprint or iris scan. Therefore, the Nationwide investment will help the Building Society understand consumer behaviour better and therefore, offer more tailored services.

Deputy Chief Executive at Nationwide Building Society, Tony Prestedge, commented: “Digital innovation is changing financial services and other industries at a rapid pace. Consumers still demand tailored service rather than a one size fits all mentality. In future, this technology could help us understand and better serve our members. This will allow us to talk to them in language that is appropriate to them all while maintaining the human service that our members expect from us for more complex discussions.”

Nationwide AI investment in Scaled Insights

Scaled Insights is currently based in Canada. However, following Nationwide’s investment the headquarters will move to the Nexus building in Leeds. This facility supports startups owned by Leeds University.

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The investment is part of Nationwide’s £50m Venturing Fund. Used to create strategic partnerships, the fund joins up with startups that share similar goals.

Artificial Intelligence is a key strategy for the Building Society. In March 2019, Nationwide started deploying SAS analytics solutions to improve up its customer interactions.

SAS uses AI to create an ecosystem where organisations can make better decisions based on trusted data.

CEO at Scaled Insights, Stuart Sherman, said: “We’re very excited to have Nationwide join us as both an Investor and Partner. We believe that the next steps in “one to one” communications will rely on computer systems understanding humans as individuals, and tailoring messaging and offers towards each person’s unique needs.

“As we apply our AI to new challenges we are proud to have a partner that is as concerned about the ethical use of our technology as we are; focused on improving peoples’ health and finances, while ensuring that the global trend towards larger organisational sizes doesn’t result in these larger organisations overlooking the humans they were created to serve.”