Lloyds makes AI central to £13 billion growth plan

Lloyds Banking Group has launched Accelerate 2030, a four-year strategy due to take effect from January, with AI positioned as a core part of its growth plans. The bank plans to roll out AI-powered advice across wealth and workplace pensions, develop personalised products based on customer behaviour, and provide support tools for relationship managers.

The move reflects a wider shift across UK financial services from AI pilots to core strategy. Aviva has launched a home insurance quoting app on OpenAI’s ChatGPT platform and a generative AI tool for underwriting medical reports, while AXA UK has tested retrieval-augmented generation for underwriting guidance. Direct Line and Admiral have reported motor claims automation rates above 60%, and Lloyd’s of London is experimenting with AI for specialty risk pricing.

Strong results at Lloyds do not yet establish that AI is driving performance. Its insurance, pensions and investment division improved sharply in the first half of 2026, but the bank has not attributed those gains to AI. Across the sector, insurers have not published data separating AI’s contribution from pricing, marketing, product changes or market conditions.