Lloyds Banking Group speeds AI modernization through Google Cloud Collaboration
At Cloud Next '25 in Las Vegas, Lloyds Banking Group announced a partnership with Google Cloud to unlock the potential of artificial intelligence (AI) and data science. The partnership will transform the way the bank engages with its customers and employees, opening the door to innovative, personalized financial solutions.
Tapping Cloud Power for Smarter Financial Services
As part of its "Help Britain Prosper" initiative, Lloyds Banking Group is looking to AI and data-driven insights to assist its customers in making more informed financial decisions. A key plank of the strategy is building a cutting-edge machine learning (ML) and generative AI (genAI) platform on Google Cloud's Vertex AI. The platform already enables more than 300 data scientists and AI engineers within the bank to quickly deploy meaningful AI applications.
Seamless Migration to AI-First Infrastructure
In its move to the new cloud-based system, Lloyds successfully transitioned 15 key modelling systems and hundreds of AI models from its legacy on-premise environment. This migration not only streamlined operations but also delivered sustainability benefits, cutting operational emissions by 27 tons of CO2.
The upgraded platform has unlocked advanced tools and capabilities, allowing Lloyds to develop cutting-edge AI models. One notable achievement includes an algorithm that slashes the time for income verification in mortgage applications from several days to just seconds.
Ranil Boteju, Group Chief Data and Analytics Officer at Lloyds, said, “Moving to Vertex AI has been transformative for us as a Group, providing us with the scalability and reliability to innovate with AI at pace.”
He added, “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."
Also read: Hawk Secures $56 Million in Series C to Revolutionize Financial Crime Detection
Keeping Pace with AI Evolution
Lloyds adopted Vertex AI to create a flexible, future-ready platform, enabling seamless integration with open-source models and third-party large language models (LLMs). Since then, the company has launched over 80 machine learning initiatives and deployed 18 generative AI systems, with 12 more set to launch by June.In addition, the bank is working on an advanced Agentic AI system, designed to transform customer interactions. Developed alongside Google Cloud, this next-generation prototype is expected to be available to customers later this year.
