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Lloyds Banking Group has rolled out technology from Moneyhub to categorise its retail and non-retail transactions.
Moneyhub’s AI-driven technology will categorise all of the bank’s transactions, including card transactions, direct debits, standing orders, transfers, and faster payments for both income and expenditure across Lloyds, Halifax, Scottish Widows, and Bank of Scotland.
The bank said that the move would help customers better understand what they spend their money on, as well as improving their personalised digital banking experiences.
“Partnering with Moneyhub will allow us to rapidly deliver far richer and more valuable insights for our customers,” said Ranil Boteju, group chief data and analytics officer, Lloyds Banking Group. “By combining Moneyhub’s advanced categorisation technology with our in-house genAI expertise, we’ll improve the time and accuracy of transaction classifications, unlocking new products and services for our customers and providing real-time insights so they can make more informed financial decisions.”
Lloyds Bank recently announced it was migrating key data science and AI platforms to Google Cloud.
The move has seen Lloyds migrate over 15 modelling systems to the new platform, including hundreds of individual models from the group’s on-premises infrastructure.
The collaboration is part of the bank’s broader transformation efforts focused on boosting customer service and operational efficiency through the integration of high-impact AI use cases.
In March, the bank said that its senior management team has embarked on a six-month training programme to further strengthen the organisation’s AI capabilities.
The bank has joined a bespoke programme developed through a partnership with edtech firm Cambridge Spark that will see over 200 senior leaders at the financial firm taking part in the training.
The initiative is part of a wider tech-focused strategy announced by the bank in January this year, with the firm unveiling plans to invest over £4 billion on a digital transformation designed to facilitate hyper-personalised services and seamless experiences.
