Lloyds Banking Group accelerates AI innovation with Google Cloud

Lloyds Banking Group has announced a major milestone in its digital transformation journey by deepening its collaboration with Google Cloud to harness advanced artificial intelligence (AI) and data science capabilities. The strategic move is set to revolutionise customer and colleague experiences while reinforcing the Group’s commitment to delivering cutting-edge, personalised financial services across the UK.

At the heart of Lloyds Banking Group’s transformation strategy is a commitment to using data and AI to empower customers in making smarter financial decisions. Through the deployment of Google Cloud’s Vertex AI platform, the bank is establishing a robust machine learning (ML) and generative AI (GenAI) infrastructure, enabling rapid innovation and more personalised digital experiences.

Over 300 data scientists and AI developers across the organisation are now actively building and deploying AI-powered solutions using the new platform. This initiative supports the Group’s mission to “Help Britain Prosper” by embedding intelligent automation and insight into its services.

The shift from on-premise infrastructure to the cloud-based Vertex AI platform included the migration of 15 modelling systems and hundreds of individual models. This transition not only boosted the bank’s AI capabilities but also generated environmental benefits—reducing operational CO2 emissions by 27 tonnes.

The migration has also unlocked significant efficiencies across the bank’s operations. A notable example includes an AI algorithm that has slashed the time required for income verification in mortgage applications from several days to mere seconds, streamlining the experience for customers and staff alike.

Since the implementation of Vertex AI, Lloyds Banking Group has launched over 80 new ML use cases and brought 18 GenAI systems into production. These solutions span various business areas, enhancing decision-making, improving customer interactions, and driving productivity. An additional 12 GenAI systems are expected to go live by the end of June.

The Group is also investing in the development of a pioneering Agentic AI system, in collaboration with Google Cloud. Currently in the prototype phase, this next-generation AI assistant is designed to transform how customers engage with the bank, with a full rollout anticipated later this year.

“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 from third parties and open-source providers, as well as Google’s Gemini model.” 

“This partnership demonstrates how cloud-powered AI innovation can drive unique, personalised experiences, bringing the bank even closer to its customers.”