LLoyds Bank to further test AI driven start-ups from incubator
Lloyds Bank will trial AI-based technology from two of the 10 start-ups it has sponsored through the Startupbootcamp incubator. Lloyds will test technology from Enterprise Bot and MoBILLity in a bid to develop new propositions and support the start-ups’ growth. The Enterprise Bot is a white label virtual assistant powered by AI, which could potentially cut call centre overheads by 85% and reduce wait times for customers by 90%. MoBILLity provides a chat-based service that reduces the money spent on recurring bill payments from customer trials.

Lloyds Banking Group is to test-drive technology presented by two of the ten companies participating in this year's Startupbootcamp demo day in London.

Lloyds has been a founding partner of the London programme since its inception three years ago. This year, two members of Lloyds' staff were seconded to firms participating in the three-month accelerator programme as 'executives in residence'.



Jehangir Byramji, senior innovation manager and fintech lead at Lloyds, says: "The Group sees huge value in startup accelerators that are working with a tailored group of corporate partners. With this goal in mind, the startups and the partners learn from each other and amongst themselves to foster collaborative working, allowing for better experimentation and proposition development."



The experience has paid off for the bank, which is collaborating further with two of this year’s start-ups; MoBILLity and Enterprise Bot.



The bank says it will begin testing MoBILLity's chat-based service for saving money on recurring bill payments through customer trials. It also plans to run a pilot of Enterprise Bot's white label AI-powered virtual assistant, which is claimed to reduce call centre costs by 85% and customer wait-times by 90%.