TL;DR
British banks are deploying generative AI beyond traditional fraud detection. Santander has developed tools that identify people trafficking in real-time, while Lloyds is training 7,000 staff to build an agentic AI assistant that will provide personalised financial guidance to millions of customers.
Banks Move Beyond Traditional Machine Learning
Britain’s major banks are harnessing generative AI to tackle challenges that traditional machine learning couldn’t address effectively. The latest wave of AI models enables lenders to analyse data in real-time, make nuanced judgments, and deliver the kind of bespoke service previously reserved for high-net-worth clients.
Santander UK has developed an AI model trained to identify suspicious patterns indicating people trafficking. According to Jas Narang, the bank’s chief transformation, data and AI officer, the technology picks up “tells” such as money being deposited from several locations within minutes—activity that previously went undetected until after criminals had moved on.
“The difference between what was happening previously and now is the timeliness. It’s picking up stuff whilst criminal activity is being perpetuated,” Narang explained. The tool has generated hundreds of leads since its rollout last year, all passed to authorities for investigation.
Lloyds Trains Thousands for Agentic AI Rollout
Lloyds Banking Group is taking a different approach, deploying AI to democratise personalised financial advice. This month, the UK’s largest high street bank announced that 7,000 staff members would train an automated financial assistant capable of providing guidance on managing finances.
Ranil Boteju, Lloyds’ chief data and analytics officer, said the aim is bringing “the sort of bespoke financial advice the ultra-high net worth individuals receive to millions of users.” The agentic AI assistant—designed to behave autonomously—will initially help customers discuss payments before eventually taking actions on their behalf, such as automatically investing savings into ISAs based on preset preferences.
NatWest’s chief information officer Scott Marcar echoed this trajectory: “Tomorrow it will power even more seamless and hyper-personalised experiences as we advance next-generation AI capabilities to anticipate customer needs faster and more effectively than before.”
Looking Forward
The banks emphasise they’re not using AI primarily to cut jobs, unlike digital lender Klarna which reduced its workforce by half. Lloyds reports its AI tools have sped up call centre search times by 66%, while NatWest says the technology helps “free up colleagues to focus on what matters most for customers.” As these agentic systems mature, the distinction between human and AI-delivered financial services may become increasingly blurred.
Source: Financial Times