Business

Lloyds Bank launches UK’s first large-scale AI financial assistant amid surge in consumer adoption

Thursday, 27 November 2025 4:03PM UTC

Over 28 million UK adults now use AI tools for personal finance, with Lloyds Bank unveiling a pioneering AI-powered financial assistant designed to transform digital money management and bolster trust in the sector.

Lloyds Bank has revealed that over 28 million adults in the UK are now utilising artificial intelligence (AI) tools to manage their finances, marking personal finance as the leading application of AI in the country. According to a major national study, 56% of UK adults, roughly 28.8 million people, have engaged with AI in the past 12 months for tasks including budgeting, saving, and financial education. Users of AI for financial management estimate that the technology has helped them save an average of £399 annually through personalised, AI-generated insights. This surge in the adoption of AI reflects a growing confidence among consumers in digital financial management, with two-thirds of internet users expressing that being online makes them feel more capable of handling their money.

Jas Singh, CEO Consumer Relationships at Lloyds Banking Group, emphasised the transformative effect of AI on personal finance. He described the technology's role in enabling millions of consumers to feel more in control of their financial decisions, from everyday spending to long-term planning. However, Singh also underscored the importance of trust as AI becomes increasingly embedded in financial services. He noted that while people are eager to benefit from AI-powered tools, concerns about accuracy and security remain paramount. According to Singh, banks have a critical responsibility not only to innovate with advanced technology but also to combine it with expert knowledge and genuine customer understanding to build reliable, trustworthy AI solutions.

The range of AI applications in personal finance is diverse. More than a third of AI users rely on these tools for investment research and recommendations, about a quarter use AI-driven debt management strategies, and nearly 40% employ it for future financial planning, such as pension advice. Notably, approximately one in three people report using AI for money management tasks on a weekly basis. Popular platforms like ChatGPT are central to this trend, with six in ten users choosing it as their preferred AI tool for financial guidance.

Supporting these developments, Lloyds Banking Group is advancing its own AI initiatives. The bank recently announced the launch of the UK’s first large-scale, multi-feature AI-powered financial assistant designed to serve more than 21 million customers through its mobile app. This assistant leverages Lloyds’ proprietary Generative AI and an Agentic framework to provide personalised, 24/7 financial coaching on spending, saving, and investing. Unlike general-purpose AI models, this assistant operates within a secure and regulated environment, combining curated bank data with cutting-edge technology to ensure accurate, tailored responses. Lloyds plans to expand the assistant’s capabilities across its full range of financial products in 2026 and beyond, aiming to set a new industry standard for responsible AI use in banking.

This strategic focus on integrating AI comprehensively into its services is underscored by Lloyds’ broader commitment to technological transformation. The bank has partnered with the University of Cambridge to train 300 senior staff in AI, embedding an 'AI-first' mindset across its leadership. This initiative is part of a concerted effort to harness AI for smarter decision-making, improved productivity, and enhanced customer experiences.

Industry data also reflects an optimistic outlook on AI within UK financial institutions. According to Lloyds’ Financial Institutions Sentiment Survey, there is a marked increase in AI investment, with half of institutions planning to boost AI spending in the next year. Nearly 60% have reported improved productivity from AI since the previous year, and a majority view AI as a key driver of economic growth rather than a threat. This positive momentum in AI adoption is helping to fuel innovation and digital advancement in the financial sector.

As AI continues to reshape personal finance, consumer trust and transparency remain central challenges. Lloyds Bank’s approach advocates blending sophisticated AI technology with established financial expertise to offer customers clarity, confidence, and security in managing their money. The bank’s ongoing innovation, paired with sector-wide enthusiasm for AI, signals a future where digital financial tools are not just common but genuinely transformative for millions of people across the UK.

📌 Reference Map:

^[1] Birmingham Mail - Paragraphs 1, 2, 3, 4, 5
^[2] Lloyds Banking Group Press Release - Paragraphs 1, 2, 5
^[3] Lloyds Banking Group Press Release - Paragraph 6
^[4] Lloyds Banking Group Insights - Paragraph 6
^[6] Lloyds Banking Group Press Release (Financial Institutions Sentiment Survey) - Paragraph 7
^[7] Bloomberg - Paragraph 8

Source: Noah Wire Services

More on this

https://www.birminghammail.co.uk/news/cost-of-living/lloyds-bank-says-millions-customers-32816030 - Please view link - unable to able to access data
https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html - Lloyds Banking Group's latest Consumer Digital Index reveals that over 28 million UK adults have used AI tools in the past year to manage their finances, making personal finance the most common application of AI in the UK. The study highlights that 56% of adults, approximately 28.8 million people, have utilised AI for budgeting, savings planning, and financial education. Among these users, ChatGPT is the most popular platform, used by six in ten individuals. The research also indicates that users estimate saving an average of £399 per year through AI-generated insights. However, trust remains a concern, with four in five users worried about receiving inaccurate or outdated information. The study underscores the importance of combining cutting-edge technology with trusted expertise to build consumer confidence in AI-driven financial tools.
https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/lloyds-banking-group-unveils-uks-first-ai-powered-financial-assistant.html - Lloyds Banking Group has announced the launch of the UK's first large-scale, multi-feature AI-powered financial assistant, set to transform how over 21 million customers manage their money through the mobile app. The AI assistant will provide 24/7 personalised financial coaching, assisting customers with spending, savings, and investments. Built on Lloyds' Generative AI and Agentic framework, the assistant ensures accurate and tailored responses by combining curated bank data with innovative technology. Unlike general-purpose AI models, this assistant offers a secure and regulated environment for financial guidance, with plans to expand its functionality across all financial products offered by Lloyds in 2026 and beyond.
https://www.lloydsbankinggroup.com/insights/launching-the-uks-first-agentic-ai-financial-assistant.html - Lloyds Banking Group is set to launch the UK's first agentic AI financial assistant early next year, providing personalised, round-the-clock financial guidance to 21 million mobile app customers. The assistant will empower users to manage their money more effectively by offering tailored insights on spending, budgeting, savings, and investments within a secure banking environment. Built on Lloyds' trusted expertise and robust AI architecture, the assistant ensures every interaction is accurate, secure, and regulated, setting a new benchmark for responsible AI in UK banking. Customers can ask questions in their own words and receive instant, relevant answers from a personal AI agent, differentiating it from general-purpose AI models.
https://www.lloydsbankinggroup.com/media/consumer-digital-index.html - The 2025 UK Consumer Digital Index, marking the 10th edition of this landmark study, explores how people are responding and adapting to artificial intelligence (AI) in the digital space. The research reveals that over 28 million UK adults now use AI tools to manage their money, making personal finance the nation's number one use of AI. The study highlights that those embracing these technologies are not only saving more but also feeling more informed and empowered to make decisions that shape their financial futures. As digital adoption continues to accelerate, the research underscores the importance of trust, transparency, and inclusion in this transformation.
https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/uk-financial-institutions-double-down-on-ai.html - According to Lloyds' Financial Institutions Sentiment Survey, UK financial institutions are increasing their investment in artificial intelligence (AI), with half planning to boost AI spending in the next 12 months. Nearly 60% report improved productivity from AI adoption, up from 32% a year ago. Two-thirds believe AI will be a key driver in UK economic growth. The survey indicates a shift in sentiment, with 91% of institutions now viewing AI as more of an opportunity than a threat, up from 80% in 2024. This momentum is fueling increased investment, with 51% of institutions planning to increase AI investment over the next 12 months.
https://www.bloomberg.com/news/articles/2025/03/27/hundreds-of-lloyds-bankers-head-back-to-school-to-learn-ai - Lloyds Banking Group has partnered with the University of Cambridge to train 300 senior staff in artificial intelligence as part of the bank's technology transformation. The 80-hour course aims to adopt an 'AI-first' mindset among leaders, enabling them to integrate AI into the bank's operations effectively. This initiative reflects Lloyds' commitment to harnessing AI to drive smarter decisions, faster outcomes, and better experiences for its customers. The training is part of a broader effort to embed AI across the business, supporting the Group in delivering world-class experiences for its customers.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The narrative is based on a recent press release from Lloyds Banking Group, dated 3 November 2025, indicating high freshness. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))

Quotes check

Score: 10

Notes: Direct quotes from Jas Singh, CEO Consumer Relationships at Lloyds Banking Group, are consistent with the press release dated 3 November 2025, confirming authenticity. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))

Source reliability

Score: 10

Notes: The narrative originates from a reputable organisation, Lloyds Banking Group, enhancing its credibility. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))

Plausability check

Score: 10

Notes: The claims are plausible and supported by the press release, with no discrepancies or inconsistencies found. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is fresh, originating from a recent press release by a reputable organisation, with consistent and plausible claims, leading to a high confidence in its accuracy.

AI in banking
Financial technology
Lloyds Bank