CognitiveScale, a company that makes machine intelligence technology, announced Tuesday that USAA has invested in the firm and will deploy its technology.
The amount of the San Antonio-based bank's investment was not disclosed, but it is part of a $15 million funding round that also included Microsoft Venture, Northwest Venture Partners, Intel Capital and the Westly Group.
The firm’s AI technology learns from multistructured data and from declared, observed and inferred user behaviors and market events. It emulates human cognitive abilities in software to “augment human decision-making and build trust by providing users with the right advice, at the right time, with the right evidence across any contact point,” the company said in a press release.
USAA said it plans to use the technology to help deliver predictive, data-driven services to customers while also gaining further insights from user interactions.
"USAA has a long history of using emerging technologies to develop innovative ways to serve our members," Nathan McKinley, head of corporate development for USAA, said in the release. "Our work with CognitiveScale allows us to support such innovation through our investment while also leveraging the AI products they have today to find ways to better serve our members."
USAA’s use of AI includes its digital assistant, which has been developed to respond to dozens of questions and requests, including activating a credit card or checking a balance.