Square is citing a commitment to continued development and integration of artificial intelligence technologies as a fundamental reason behind its addition of a new member to its Board of Directors.
Square has named Naveen Rao, corporate vice president and general manager of the Artificial Intelligence Products Group at Intel Corporation, to its Board.
“Machine learning and deep learning are crucial to our continued innovation and growth,” Jack Dorsey, Square’s CEO, said in a press release. “Naveen’s expertise will be hugely helpful to Square as we continue to integrate these technologies into every aspect of our business to ultimately better serve our customers.”
The company has long emphasized the importance of machine learning to its ability to serve what it sees as a traditionally underserved market, because it provides a deeper capability for assessing risk.
Earlier this year, Dorsey told CNBC that machine learning and artificial intelligence were areas where the company was looking to develop or acquire additional software. He said the technology was important for understanding the risk profile of its sellers, but also for enabling meaningful automation and insights for them.
And Square’s head of lending, Jacqueline Reses, reiterated the point in a recent interview with American Banker. She said that the company’s access to data and its ability to apply machine learning to that data has been key in serving its market more effectively.
In the case of its expansion into lending, the company’s data is helping not only understand which sellers Square should loan money to, but how big the loans should be, Reses told the publication.