Lloyds is Changing the Mortgage Process with AI. Lloyds Banking Group has embraced AI through a new partnership with Google Cloud. While the majority of the focus is on improving the banking experience as a whole, mortgage customers will benefit from faster mortgage applications, more personalised service, and smarter decision-making tools.
Lloyds Banking Group has taken a bold step forward by embracing artificial intelligence (AI) and advanced data tools through a new partnership with Google Cloud. While much of the focus is on improving the overall banking experience, mortgage customers in particular are set to benefit from faster applications, more personalised service, and smarter decision-making tools.
How will the changes benefit mortgage applications?
Central to the change is the new AI platform built using Google Cloud’s Vertex AI. With over 300 scientists and developers now working on this platform, Lloyds is aiming to simplify the complex banking process.
For mortgage applicants, this could mean a reduced time for income verification checks. Thanks to new algorithms, the verification could be completed in seconds.
Speed and sustainability – how will it affect the environment?
To support the AI-led strategy, Lloyds has moved 15 of its own systems to Google Cloud. The move not only improves system speeds, but it has also had a significant environmental benefit, with an estimated reduction of 27 tonnes of carbon emissions.
By doing this, Lloyds will be able to release products and features more effectively and efficiently.
What does this mean for new borrowers?
With AI being introduced across Lloyds, there has already been a noticeable effect on the way they deliver their services. Since the introduction, over 80 machine learning projects have been launched, with 18 AI systems already in place. These tools include everything from faster eligibility assessments to helping customers understand which mortgage options are best suited for them.
What do Lloyds have planned for the future?
Another development currently going on at LLoyds, is the works being done on the ‘next-generation AI system’ Agentic AI, built in collaboration with Google Cloud.
This tool will create a more realistic conversation in real-time with customers and respond in more human and helpful ways
What It Means for You
Lloyds’ investment in AI and cloud technology is more than just a tech upgrade. It’s about making banking simpler, quicker, and more responsive especially for those seeking to take out a mortgage.
With AI doing the heavy lifting behind the scenes, you can expect faster decisions and better support.
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