Lloyds Banking Group, one of the UK's largest financial services firms, has appointed Rohit Dhawan, a former Amazon Web Services executive, as its first Group Director of AI and Advanced Analytics.
This new role is part of Lloyds' broader digitization strategy aimed at enhancing productivity and reducing costs through AI and machine learning. Dhawan, who holds a PhD in AI, will report to chief data and analytics officer Ranil Boteju and oversee the integration of AI into the bank's operations. Dhawan will also establish an "AI Centre of Excellence" to support these initiatives.
"It's a privilege to join Lloyds Banking Group, and I'm excited to work for an organization undergoing one of the largest transformations in financial services and look at how we can transform the way we use data and tech to respond to changing customer needs," Dhawan said.
Lloyds has recruited 1,500 tech specialists and is testing 50 AI use cases, including customer support and fraud detection. This move aligns with the bank's ongoing transformation plan, which includes streamlining operations and improving returns. Lloyds already utilizes machine learning for prioritizing customer calls and verifying income for mortgage applications, significantly reducing processing times. AI has also streamlined insurance claims, allowing staff to focus on urgent customer calls following storms. "Rohit's appointment is a significant boost for the strategic development of AI technology and capabilities within Lloyds Banking Group," said Boteju.
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