Lloyds Banking Group launches AI-powered financial assistant
The assistant will help customers manage spending, savings, and investments, with plans to expand functionality to mortgages.
Lloyds Banking Group is launching a multi-feature AI-powered financial assistant, supporting 21 million customers to manage their money through the mobile app.
Lloyds says the new AI financial assistant will "provide 24/7 personalised financial coaching and work as a financial companion", capable of answering questions and providing guidance, alongside the ability to refer to expert human support when needed.
According to the Group’s recent research, 56% of adults, around 28.8 million people, have used AI in the past 12 months to help manage their money. Among them, ChatGPT is the most popular platform, used by six in ten people.
While AI adoption is rapidly increasing, 8 in 10 people (80%) are concerned about receiving inaccurate or outdated information, and over two thirds (69%) are worried about a lack of personalisation based on their personal circumstances.
The financial assistant tool will provide tailored and personalised support and, unlike general purpose AI tools, can understand and respond to specific, personalised customer requests.
The AI financial assistant’s first two features will be a conversational tool that allows customers to request personalised spending insights, alongside a savings and investment tool that helps customers make informed financial decisions to plan for their financial futures.
Following the initial pilot, it will expand and deepen the support it provides over time, with plans to expand across the full suite of financial products offered by Lloyds in 2026 and beyond, from mortgages to protection needs.
Ranil Boteju, chief data and analytics officer at Lloyds Banking Group, said: “Lloyds Banking Group is committed to leading the way in mobile banking and technology transformation. By becoming the first UK bank to bring agentic AI to our customers, we are taking a crucial step in helping millions of customers benefit from more control over their finances. This launch is not just about introducing new technology; it is a pivotal step in our strategy as we continue to reimagine the Group for our customers and colleagues.
“Our AI financial assistant is underpinned by LBG’s robust AI assurance framework and guardrails, helping deliver safe, explainable and regulated AI-driven interactions. We believe this innovative tool will not only provide our customers with personalised, round-the-clock support, but also set a new benchmark for the responsible and effective use of AI in UK banking. Importantly, it provides instant and free access to personalised financial coaching.”
