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Lloyds Bank and Coinbase: Inside Their Generative AI Playbooks
- Lloyds Banking Group plans to launch a consumer-facing AI agent in August, a fast turnaround from when AI was just a concept last year.
- By moving to the cloud with Google, Lloyds enhanced its AI capabilities, focusing on AI agents for various use cases.
- In a 12-week sprint, Lloyds collaborated with Google to develop an AI agent prototype offering financial advice to customers.
- Lloyds is implementing a strategy to provide AI agent-building capabilities to all employees and upskilling them on AI.
- Coinbase heavily invested in generative AI, utilizing it for customer support, employee assistants, and developing their AI platform Gemini.
- Both Lloyds and Coinbase proceeded cautiously due to generative AI's hallucination problems but have gained confidence in their guardrails.
- Lloyds and Coinbase focused on back-office efficiencies first and implemented controls to ensure accuracy before customer exposure to AI capabilities.
- Coinbase phased its approach from internal-facing use cases to AI directly interacting with consumers to address concerns about hallucinations and privacy.
- Confidence in AI capabilities has led to Lloyds and Coinbase considering broader applications across departments for operational efficiency.
- AI is becoming more integral across industries, enabling automation and efficiency improvements in various business operations.
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