Lloyds Banking Group is in the process of developing a state-of-the-art machine learning (ML) and Generative AI (GenAI) platform utilizing Google Cloud’s Vertex AI framework.
The bank reports that this initiative has significantly enhanced its ability to execute impactful AI projects swiftly, with over 300 data scientists and AI developers now active on the platform. By transitioning to this new setup, Lloyds Banking Group has migrated 15 modeling systems, which include hundreds of individual models from its on-premises infrastructure, resulting in a reduction of 27 tonnes of CO2 emissions.
This migration has not only facilitated new capabilities and tools across critical business sectors but also introduced an innovative algorithm that reduces the income verification process for mortgage applications from several days to mere seconds.
Since the rollout of Vertex AI, the bank has initiated over 80 new ML projects and put more than 18 GenAI systems into production, covering a broad spectrum of the organization. An additional 12 GenAI systems are anticipated to launch by the end of June.
Furthermore, the development of an Agentic AI system for customer interactions is underway. This prototype, created in partnership with Google Cloud, is set to be introduced to customers later this year.
Ranil Boteju, the Group Chief Data and Analytics Officer at Lloyds Banking Group, stated, “Transitioning to Vertex AI has been a game-changer for our organization, providing the scalability and reliability needed to innovate with AI rapidly. Vertex AI empowers our data scientists and AI developers to utilize GenAI solutions within established guidelines while offering the flexibility to leverage large language models from various sources, including third parties and Google’s Gemini model.”