Lloyds Bank, founded in 1765 in Birmingham and one of the 100 largest British companies by market capitalization (FTSE 100), has introduced an AI agent to its board, the Sunday Times reported. The post appears to indicate that Lloyds Banking Group has become the first leading company from the UK to deliver AI at such a high level.
The bot was developed by Board Intelligence. It is designed to assist the bank’s board of directors in analyzing confidential information and in preparing for meetings, and it must also “fight bias” when making decisions. According to Head of Board Intelligence Pippa Page, the bot can make recommendations on cybersecurity, sustainable development, financial analysis, mergers and acquisitions and much more – as well as analyzing management and employee performance.
By introducing AI into its business, Lloyds is seeking to reposition itself and consolidate its position as “the UK’s largest fintech company,” the Sunday Times writes. The bank estimates that its generative AI tools will help it create £50m worth of added value in 2025. By the end of 2026, Lloyds hopes to double that amount.
A few days ago at Lloyd’s I mentioned About the successful completion of a nine-month trial conducted in conjunction with IBM. The bank studied how to use quantum technologies to analyze transactions and prevent economic crimes. The results of the Lloyd’s experiment were described as promising. The company hopes to use quantum computing alongside artificial intelligence.
The bot on the bank’s board, unlike publicly available counterparts such as ChatGPT and Gemini, was created specifically to work with confidential data. As Peppa Pig says, strangers will not have access to this information. So far, the Lloyds board has mainly used the robot to prepare for meetings. The head of board intelligence expects that in the next stage the robot will actually participate in meetings – and other members of the board will be able to agree with it or argue with it. But granting voting rights to artificial intelligence could be a “dangerous move,” says the head of the company that developed the robot.
Financial institutions are generally afraid of adopting AI. Anthropic Company Announce April 7 about the launch of a new model for Cloud Mythos – currently for a limited number of partners (in particular, Amazon, Apple and Microsoft). The model is designed to find vulnerabilities in software — and according to Anthropic, it has already identified “thousands of critical vulnerabilities,” including vulnerabilities in “all major operating systems and browsers.”
For this reason, US Treasury Secretary Scott Besent held an emergency meeting with the heads of the largest US banks. According to the Financial Times, the meeting included the heads of Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo, in addition to Federal Reserve Chairman Jerome Powell. how books On April 10, The Telegraph reported that the Bank of England was preparing to hold a similar meeting to discuss threats to the financial sector from artificial intelligence.