Lloyds Banking Group migrated 15 modelling systems, including hundreds of individual models, from its on-premise infrastructure. Credit: Tomasz Bidermann/Shutterstock.

Lloyds Banking Group has partnered with Google Cloud, aiming to tap its artificial intelligence (AI) and data science capabilities.

The initiative aligns with the group’s objective to assist individuals and businesses in making informed financial decisions.

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Central to this partnership is the development of a new machine learning (ML) and generative AI (genAI) platform utilising Google Cloud’s Vertex AI.

This platform has streamlined the deployment of AI applications, with over 300 data scientists and AI developers within the Group now actively using it.

The transition involved migrating 15 modelling systems, which included hundreds of models from the group’s previous on-premise infrastructure, resulting in a reduction of 27t of operational carbon emissions.

The migration is said to have opened new capabilities for the group, enabling the deployment of “advanced” AI models.

Notably, an algorithm has been introduced that “significantly” reduces the time required for income verification in mortgage applications, from days to mere seconds.

Lloyds Banking Group chief data and analytics officer Ranil Boteju said: “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.”

Recognising the rapid evolution of AI technology, Lloyds Banking Group sought an advanced platform that could accommodate various tools, including open-source models.

Since the implementation of the Vertex AI platform, the group has launched over 80 new ML use cases and has put more than 18 genAI systems into production, with an additional 12 systems anticipated to be operational by the end of June.

Furthermore, the group is developing an Agentic AI system designed to enhance customer interactions with the bank. This prototype, created in collaboration with Google Cloud, is expected to be available to customers later this year.

Google Cloud’s Tara Brady said: “With Google Cloud’s Vertex AI platform, Lloyds Banking Group can deploy powerful machine learning models faster, so that it can action transaction insights more quickly.”

Last month, Lloyds expanded its partnership with Oracle to accelerate cloud migration and improve product development speed.