Lloyds Banking Group's Athena AI Cuts Query Time by 66%

Lloyds Banking Group has introduced a new generative AI tool named Athena, aimed at streamlining the process of information retrieval for employees and enhancing customer response times. This initiative represents the bank's first extensive implementation of generative AI technology. Athena functions as a centralized knowledge repository, capable of swiftly accessing 13,000 internal documents to provide immediate answers to frontline staff in branches and call centers.

The bank's data reveals that Athena has significantly reduced the average time for information queries from 59 seconds to 20 seconds, resulting in a 66% increase in efficiency. For the telephone banking team, this efficiency gain is projected to save 4,000 hours annually, which would otherwise be spent on information retrieval or customer wait times. Since its launch at the beginning of the year, Athena has been widely adopted across the entire group. By 2025, it is expected that 21,000 employees will use Athena to complete over 2.1 million searches.

The bank has plans to extend the use of Athena to more customer service roles, with a target of 40 million searches by the end of the year. Athena's ability to make key information readily accessible frees up thousands of hours of human effort, allowing staff to focus on handling customers' personalized needs. This tool is a critical component of Lloyds' AI deployment strategy. Earlier this year, the bank announced the development of machine learning and generative AI systems based on the Google Cloud Vertex AI platform, with an expected value creation of at least 50 million pounds (approximately 70 million dollars) by 2025.

The bank is currently in the process of building a foundational AI architecture that can adapt to various scenarios, covering financial consulting, software development, and underwriting. In collaboration with Google engineers, the bank completed the prototype development of a financial advisor AI agent in just 12 weeks. This agent is designed to interact directly with customers to provide financial advice and is expected to be available to consumers as early as August.

This move by Lloyds Banking Group underscores the growing importance of AI in the financial sector. By leveraging generative AI, the bank aims to enhance operational efficiency and improve customer service. The successful implementation of Athena and the development of the financial advisor AI agent demonstrate Lloyds' commitment to integrating advanced technology into its operations. As the bank continues to expand the use of AI, it is poised to create significant value and maintain its competitive edge in the market.