Lloyds Banking Group has introduced artificial intelligence to its board of directors. The program will be responsible for analyzing information that bank executives have to accept. The company believes that AI will help “remove bias” in decision-making.
This is reported by The Times.
Artificial intelligence has access to confidential bank information, including. Lloyds believes that in 2025, generative AI tools helped the group to generate profits of 50 million pounds. In 2026, the group expects to increase profits to 100 million pounds due to the continued implementation of AI tools.
“We see real potential for AI to support decision-making in boardrooms, if used carefully and responsibly. We are trialling AI tools to help us better prepare for discussions through faster analysis and access to a wider range of perspectives,” commented Nicola Putland, Lloyds’ Director of Corporate Governance.
The banking group claims that their AI program was developed specifically for the bank and has nothing to do with well-known chatbots like ChatGPT or Google's Gemini. The AI from Board Intelligence is supposedly protected from possible leakage of sensitive and confidential bank data.
Initially, Lloyds executives will consult with the chatbot before meetings. They will receive analysis of information for the meetings from it, the results of which will be used to make decisions in the management of the bank.
The next step in introducing artificial intelligence into the work of the bank will be its use right during meetings of managers. AI will work online during conversations, which it will record and immediately analyze. Based on the analysis, management decisions will also be made.