Lloyds Banking Group to hire 300 tech experts to work on AI
Summary
Lloyds Banking Group will hire 300 technology experts to work on advanced artificial intelligence (AI) projects by September. The bank aims to improve online banking, fight fraud, and personalize customer service using AI, while also preparing for changes AI may bring to jobs and work roles.Key Facts
- Lloyds plans to recruit 300 tech workers to develop and use autonomous AI that can perform tasks with little human help.
- This recruitment will add to a 1,000-strong AI team, including current staff being retrained.
- AI will be used to detect scams, improve operations like HR document handling, and make online banking more accessible and personalized.
- Lloyds’ AI work brought a £50 million financial gain last year and expects £100 million this year.
- The bank’s CEO, Charlie Nunn, has said some jobs may be reduced in the future due to AI.
- Other banks, like Standard Chartered, have cut thousands of jobs partly because of AI adoption.
- Research shows many UK banks are not fully prepared for potential AI system failures, with limited testing done for such outages.
- Experts say banks need more regular AI risk testing to ensure business continuity and meet regulatory standards.
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