Lloyds pilots AI investment guidance tool as UK regulator studies impact

Lloyds Banking Group has become the first UK lender to introduce an artificial intelligence tool to help customers make investment decisions, even as AI’s impact on the tightly regulated financial advice industry comes under scrutiny.

The British bank told Reuters it was piloting the AI-powered tool with a small group of customers through its Scottish Widows pensions and investments ‌arm, offering what ⁠it ⁠describes as investment “guidance” rather than advice. The product is expected to be widened later this year.