Lloyds Banking Group plans to add an artificial intelligence (AI) powered financial assistant to its mobile app in early 2026.
The assistant will initially help customers manage their spending, savings and investments, and it will later be expanded to work across all financial products, the bank said in a Thursday (Nov. 6) press release.
“By harnessing cutting-edge artificial intelligence, the new AI financial assistant will provide 24/7 personalized financial coaching and work as a financial companion, capable of answering questions and providing guidance, alongside the ability to easily refer to expert human support when needed,” the release said.
While many adults have used AI to help them manage their money, they are also concerned about a lack of personalization in the tools they have used, according to the release.
“The financial assistant tool will provide this tailored and personalized support, and unlike general purpose AI tools, can understand and respond to specific, hyper-personalized customer requests and retains memory to offer a more holistic experience, ensuring the generated answer is safe to present to customers,” the release said.
It was reported in January that Lloyds was closing 136 Lloyds, Halifax and Bank of Scotland branches as its customers chose digital financial services.
“Over 20 million customers are using our apps for on-demand access to their money and customers have more choice and flexibility than ever for their day-to-day banking,” the bank said at the time.
The PYMNTS Intelligence and Galileo collaboration “AI and Banking’s New Dawn: From Conversations to Conversions” found that financial chatbots were evolving into highly capable problem solvers and were shaping a future in which digital assistants not only listen but also understand and anticipate consumers’ needs.
Another PYMNTS Intelligence and Galileo collaboration, “Beyond the Bot: Why Embedded Conversational AI Is Banking’s Next Strategic Advantage,” found that 72% of consumers said personalization influences where they bank.
Bank of America CEO Brian Moynihan said Wednesday (Nov. 5) that digital platforms like the bank’s virtual assistant Erica allow customers to manage their finances around the clock and have handled 3 billion customer interactions since launch.
“Our customers want it all, twenty-four by seven,” Moynihan said during the bank’s investor day. “That means investing in digital platforms that make financial services easier, faster and more secure.”
Source: https://www.pymnts.com/