Lloyds Banking Group and Nationwide Building Society are about to introduce a generative AI tool called FinLLM, tailored for the UK finance sector. Aveni developed this tool with input and investment from both banks.
FinLLM is designed for regulated financial environments, using a large language model (LLM) that leverages deep learning and extensive data to comprehend, summarize, generate, and predict content. Banks are just beginning to explore its potential in customer service, operations, compliance, and security. With core capabilities ready, FinLLM will move into real-world use. The tool complies with FCA guidelines and the EU AI Act and will eventually be accessible across the industry.
This LLM can clarify complex financial topics for customers and aid banks in regulatory compliance and complex calculations.
Sri Kanisapakkam, Nationwide’s chief data officer, emphasized the development partnership with Aveni, expressing excitement about FinLLM’s potential to enhance services. Ranil Boteju from Lloyds called Aveni’s creation a game changer for the industry. Lloyds has been involved with Aveni since 2024, collaborating on real-life AI applications.
Aveni Labs’ Lexi Birch highlighted the collaboration of natural language processing experts and finance professionals to ensure a reliable generative AI for a regulated sector where accuracy is critical.
As banks develop LLMs, they remain cautious about risks like data privacy, security, compliance, and potential AI biases. Chris Skinner, a fintech expert, pointed out that industry-specific LLMs could bolster security for banks and their customers, especially against fraud. He envisions a future with AI bots acting as secure digital agents for transactions, referring to FinLLM as a promising start in that journey.
In another update, Lloyds Bank announced plans to use Google Cloud’s Vertex AI for building AI systems, providing tools for over 300 of its data scientists.