Lloyds Banking Group is building a new machine learning (ML) and Generative AI (GenAI) platform using Google Cloud’s Vertex AI.
The bank says the initiative has already revolutionised the Group’s ability to deploy impactful AI use cases at pace with over 300 data scientists and AI developers now using the platform.
In moving to the new platform, Lloyds Banking Group migrated 15 modelling systems, comprising hundreds of individual models from its on-premise infrastructure and saving 27 Co2 tonnes of operational emissions.
The migration has also unlocked new capabilities and tooling across key business areas, including an algorithm which reduces the income verification step in its customers’ mortgage applications from days to seconds.
Since deploying the new platform on Vertex AI, the bank has successfully initiated over 80 new ML use cases and launched over 18 GenAI systems into production, spanning its entire business. A further 12 GenAI systems are expected to go live by the end of June.
Work is also ongoing on a new Agentic AI system for customer interactions. The prototype was built in collaboration with Google Cloud and is expected to launch to customers later this year.
Ranil Boteju, group chief data and analytics officer at Lloyds Banking Group says: “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. 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.”