Amnon Shashua, noted for his pioneering work in autonomous vehicle technology through his company Mobileye, is turning his inventive gaze towards the financial sector with a new venture, One Zero. This fintech company is aiming to revolutionise retail banking using artificial intelligence (AI). As part of its growth trajectory, One Zero is in the midst of securing at least $100 million in investment, signalling growing interest in its innovative approach to banking.
One Zero, based in Israel, was co-founded by Shashua, who is taking a non-executive role, with Gal Bar Dea at the helm as CEO. Although Shashua enjoys significant recognition in the tech community, One Zero has largely remained under the radar outside Israel. Despite this, it has managed to secure approximately $242 million in funding thus far. In 2023, PitchBook valued the company at around $320 million, with expectations of a higher valuation in its upcoming funding round.
The identity of the prospective investors remains undisclosed. However, past investors, including Tencent, OurCrowd, and SBI Ventures, have provided capital, bolstering its financial foundation.
One Zero's unique selling proposition lies in its ambition to democratise banking services traditionally reserved for high-net-worth individuals. The company seeks to bring 'private banking to the masses' by employing AI to offer high-level, personalised advisory services typically unavailable to the average bank customer. In a rapidly evolving banking landscape, where physical bank branches and human interactions are decreasing, One Zero aims to fill a potential void with its digital solutions.
Operating within Israel, One Zero has acquired a full banking licence, establishing itself as a full-service retail bank. This becomes a 'sandbox' for the company, providing valuable insights and data to refine their AI technologies. This knowledge then positions them to license their technological solutions to banks internationally. Although One Zero has not formalised any licensing agreements yet, Shashua notes substantial interest from numerous major banks.
Central to One Zero’s technology is Ella, an AI-driven chatbot designed to perform beyond the capabilities of existing banking chatbots and even certain human bankers. Shashua points out that while current AI applications in banking largely handle simple inquiries, they falter under more complex advisory roles, such as providing personalised financial advice or forecasting based on individual financial behaviour.
The technological development strategy involves using multiple Large Language Models (LLMs) to generate a diverse range of responses to user inquiries, which are then rigorously verified for accuracy. This multifaceted approach aims to deliver reliable advice, ensuring that unless the system can offer a verified solution, it would rather admit its limitations.
Currently, One Zero's AI is being developed to handle elementary tasks such as spending management, with plans to expand its offerings to include advice on significant financial decisions and savings strategies. This gradual enhancement of AI capabilities aims to equip average bank users with tools typically reserved for wealthier clientele.
The emergence of One Zero from behind the scenes into the spotlight illustrates a significant ongoing transformation in the financial services industry. Shashua's track record with AI and technology applications, coupled with One Zero’s funding pursuit, marks an intriguing development in the realm of fintech, reflecting potential shifts in how consumers engage with banking services globally.
Source: Noah Wire Services