Lloyds Banking Group will build, deploy and scale artificial intelligence (AI) systems using a Google service, accelerating production while slashing CO2 emissions.
The bank is using Google Cloud’s Vertex AI to build a machine learning (ML) and generative artificial intelligence (GenAI) development platform, which more than 300 of its data scientists will use.
During the migration to the Google Cloud platform, 15 modelling systems were moved, which included hundreds of AI models, from on-premise systems. Lloyds Bank said this saved 27 tonnes of operational emissions.
Ranil Boteju, chief data and analytics officer at Lloyds Banking Group, said: “Moving to Vertex AI has been transformative for us as a Group, providing us with the scalability and reliability to innovate with AI at pace. Vertex AI is enabling data scientists and AI developers across the Group to access GenAI solutions with consistent guardrails, as well as giving them the flexibility to use large language models [LLMs] from third parties and open source providers, as well as Google’s Gemini model.”
Since moving to Vertex AI, the bank has initiated more than 80 new ML use cases and launched over 18 GenAI systems into production across its business. It said 12 more GenAI systems are expected to go live by the end of June.
Lloyds said, work using the platform is being done on an Agentic AI system focused on how customers interact with the bank. The prototype is expected to launch to customers later this year.
AI take-up is accelerating fast in the enterprise sector, with it no longer just the domain of the tech department. Business professionals need to understand where AI can help to improve how they work.
The Bank of England and the FCA have been tracking how financial services firms in the UK are using AI and machine learning. The results of a recent survey covered 120 firms, and it found that three-quarters are already using some form of AI in their operations. This included all the large UK and international banks, insurers and asset managers that responded, and represented a 53% increase on the same survey in 2022.
The Bank of England survey found that 41% are using AI to optimise internal processes, while 26% are using AI to enhance customer support.
Josh Cunningham, head of data and AI culture at the bank, recently wrote about a culture of AI literacy: “[This] is not just a technical requirement but a strategic imperative for everyone at Lloyds Banking Group. As we navigate the complexities of the digital age, understanding AI is crucial for driving innovation, enhancing customer experiences and maintaining a competitive edge.
“AI is often perceived as the domain of data scientists and tech enthusiasts. However, its impact extends far beyond the confines of technical departments; AI is revolutionising every facet of our business, from customer service to marketing, finance and beyond. It is a universal tool that can enhance efficiency, drive decision-making and unlock new opportunities.”
He gave examples including in customer service, where AI can “analyse interactions to provide insights that improve service delivery”.
Cunningham added that in marketing, AI helps the understanding of customer preferences and the tailoring of campaigns more effectively, while in finance AI supports fraud detection and risk management.