Lloyds Banking Group is set to introduce an AI-powered financial assistant in its mobile app by early 2026. Initially focusing on spending, savings, and investments, the assistant will eventually encompass all financial products, enhancing customer experience. This innovative tool aims to provide 24/7 personalized financial coaching, answering queries and offering guidance, with seamless access to human support when necessary. Acknowledging concerns over personalization in existing AI tools, Lloyds’ assistant will offer tailored support, capable of understanding specific customer requests and retaining memory for a holistic interaction. With over 20 million users leveraging digital services, Lloyds’ move reflects a growing trend in the banking sector, as evidenced by insights from PYMNTS highlighting the increasing role of financial chatbots. Moreover, digital platforms are transforming customer interactions, with personalization greatly influencing banking choices, as noted by Bank of America’s CEO on the success of their virtual assistant, Erica.
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