Lloyds Bank is set to introduce an innovative AI financial assistant designed to enhance how customers manage their finances through the bank’s mobile application.
Currently in the testing phase with 7,000 employees, this AI tool will offer 24/7 personalized financial coaching, acting as a reliable financial companion. It can respond to customer inquiries and provide tailored guidance, while also having the capability to connect users with human experts when necessary.
The rollout will feature a conversational tool that allows customers to obtain personalized insights into their spending habits. Additionally, it includes functionalities for savings and investment, empowering individuals to make informed financial choices.
Built on Lloyds Banking Group’s Generative AI and Agentic framework, this assistant utilizes curated banking data to ensure that the information provided is both accurate and customized. For its initial deployment, Lloyds has leveraged generative AI to facilitate conversational interactions and break down complex requests, enabling effective task execution, such as converting natural language into code for transaction inquiries.
Ranil Boteju, Chief Data and Analytics Officer at Lloyds Banking Group, stated, “We believe this innovative tool will not only offer our customers personalized, around-the-clock support, but also set a new standard for the responsible and effective use of AI in UK banking. It notably provides instant and complimentary access to personalized financial coaching.”
According to the latest Consumer Digital Index from Lloyds Banking Group, 56% of adults—approximately 28.8 million individuals—have turned to AI in the past year for financial management, with ChatGPT being the platform of choice for six in ten users.
Despite the rapid rise in AI adoption, concerns remain: 80% of people worry about receiving inaccurate or outdated information, while over two-thirds (69%) express fears regarding the lack of personalization in their financial advice.
Boteju emphasized that the bank’s robust trust framework and technology are designed to mitigate these concerns: “Our AI financial assistant is anchored by Lloyds Banking Group’s stringent AI assurance framework and safety measures, ensuring secure, transparent, and regulated AI-driven interactions.”
Following the initial pilot, Boteju mentioned that Lloyds plans to further expand the capabilities of the assistant over time, covering a comprehensive range of financial services, from spending and saving to mortgages and car financing.