Lloyds Bank to invest £13bn by 2030 in AI overhaul
Lloyds Bank is rolling out a big four-year plan to save £2 billion by using AI to modernize its services and attract new customers.
Starting January 2027, the bank aims to invest £13 billion by 2030, with CEO Charlie Nunn saying this move will help Lloyds grow and stay competitive.
Lloyds Bank speeds mortgage approvals
AI tools will make wealth management and workplace pensions more personalized, offering tailored deals based on your habits.
Mortgage approvals are set to get much faster, to about three days thanks to AI and blockchain.
The car loan division is getting a boost too, with an app for EV purchases, insurance, and charging.
While some jobs may be impacted by automation, Nunn promises that reskilling will be a priority.
Lloyds Bank Q2 profit jumps 14%
Lloyds just posted a strong Q2 profit jump of 14%, hitting £2.3 billion, enough to kick off a £1 billion share buyback and a dividend of 1.58p per share.
The bank's expansion plans include growing corporate banking in the US and Europe, marking a fresh chapter after years of focusing mainly on the UK.