Lloyd Banking Group partners with Google Cloud

As part of its Help Britain Prosper mission, Lloyds Banking Group is using data and AI to help its customers make informed financial decisions. The group is building a new GenAI and machine learning (ML) platform utilising Google Cloud’s Vertex AI to better deploy AI use cases at pace with over 300 data scientists and AI developers across the group.

Lloyd Banking Group is supporting UK businesses with retail and commercial banking, general insurance and long-term savings, provided through brands such as Lloyds, Halifax, Bank of Scotland and Scottish Widows.

Machine learning platform migration

With the increased adoption of AI tools, Lloyd Banking Group sought a solution that provides a platform capable of keeping up with modern advancements. It wanted to integrate a variety of tools, including open-source models. Since deploying its new platform on Vertex AI, the group initiated over 80 new ML use cases and launched 18 genAI systems into production. A further 12 genAI systems are expected to go live by the end of June.

With this move, Lloyds Banking Group migrated 15 modelling systems, comprising hundreds of individual models from its on-premise infrastructure. As a result, the group saved 27 Co2 tonnes of operational emissions. The collaboration also enables the group to further develop new capabilities and tooling across its business areas, allowing it to deploy advanced AI models. This includes an algorithm that reduced the income verification step in its customers’ mortgage applications from days to seconds.

Lloyds Banking Group aims to support individuals and their businesses across the UK as a retail and commercial financial services provider. Moving to Vertex AI allowed the group to scale its AI projects. Vertex AI is enabling data scientists and AI developers 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.