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Lloyds Banking Group has deployed AI technology from FICO (Fair Isaac) to help accelerate the migration of its lending infrastructure to the cloud. According to the UK bank, the FICO platform, has enabled it to launch a new cloud-based application for its underwriters and facilitated a significant bureau data upgrade in weeks rather than months.
Lloyds lending infrastructure previously had more than twenty applications coupled with a variety of complex data flows. By its own admission, it legacy technology architecture had been an inhibitor of business growth. Coupled with inconsistencies across its digital channels, Lloyds had struggled to integrate new data assets, creating barriers to responsible lending, scalability, and sustainability. Using real-time data and advanced analytics the new FICO-developed platform has enabled Lloyds to achieve a 2.5% uplift in credit card approvals, whilst doubling new loan customers.
The bank's strategy required a large data mapping exercise to understand where derivations or changes to the data could be occurring through the various systems. The exercise enabled the organisation to prepare downstream users of the data for changes or amend the new data in order to not impact them at all. The new platform has enabled Lloyds to simplify its technology estate and implement a modern cloud-based infrastructure.
The FICO project is the latest significant step forward in Lloyds’ cloud transformation journey. Earlier this month the Bank highlighted how is migration to the Google Cloud platform had revolutionised its use of AI and its ability to deploy impactful use cases. Lloyds has so far migrated 15 modelling systems, from its in-house infrastructure comprising hundreds of individual AI models (see: Google Cloud AI helps drive Lloyd's transformation).
Posted by: Jon C Davies at 09:53