Lloyds Banking Group Unveils AI-Powered Financial Assistant
In an industry-leading move, the UK-based Lloyds Banking Group has recently revealed plans to launch an AI-powered financial assistant. The tool, which is the first of its kind in the UK, is set to be introduced to the public in early 2026.
Revolutionizing Finances with AI
The new assistant is designed to provide Lloyds’ customers with a range of features to manage their finances, including spending, savings, and investments, all through the bank’s mobile app. As part of its forward-thinking approach, Lloyds plans to expand the assistant’s functionalities over time, including support for additional financial products such as mortgages and car finance.
Before its public rollout, around 7,000 Lloyds employees are testing the AI assistant, having already conducted 12,000 trials of the system. This rigorous testing process should ensure the assistant is able to meet the diverse financial needs of Lloyds’ customers.
Conversing with AI
The AI assistant has been designed as a conversational tool. This means that users can directly ask questions about their finances and receive immediate responses. The technology behind the assistant, known as agentic AI, enables it to comprehend customer requests, plan actions, and execute tasks.
For instance, customers can inquire about a payment, and the assistant will process the request and carry out the transaction. If necessary, the AI can even refer users to human specialists, ensuring customers receive the best possible support.
Personalised Financial Support
Unlike general-purpose AI models, the new assistant is designed to provide tailored support to each user. Using curated bank data, it can deliver a more individualised experience. This system is built on Lloyds’ generative AI and Agentic framework.
Lloyds Banking Group is hopeful that the introduction of this technology will benefit millions of its customers, giving them greater control over their finances. The bank also plans to expand the assistant’s features following its initial pilot phase, aiming to make the technology available to more than 21 million customers.
The Future of Mobile Banking
Ranil Boteju, Lloyds Banking Group’s Chief Data and Analytics Officer, expressed the bank’s commitment to leading the way in mobile banking and technology transformation. He believes that the introduction of agentic AI is a crucial step towards achieving this goal.
Similarly, Helen Bierton, Lloyds Banking Group’s Chief Digital Officer, remarked that the new technology will significantly enhance customer experience. She said, “This new technology will take the customer experience up a level by giving people access to a personal AI agent, empowering more people than ever to make informed decisions about their money. We’re excited to bring this feature to our customers in the coming months.”
The introduction of an AI-powered financial assistant is an exciting development in the world of mobile banking, demonstrating how technology can be used to improve customer experience and financial management.
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