The bank has established a digital analytics team with Google and Advanced Skills Institute (ASI).
Under the partnership, the London-based bank used Google’s big data platform technologies and analytics such as Big Query, Data Flow and Big Table to test the non-personal behaviour of its customers.
A joint team from Lloyds and Google worked in a trial project and was able to analyze a year’s worth of front-end analytical data in under a minute.
Apart from the tools from Google, the team is also examining the wider market including machine learning, the application of AI and advanced algorithms.
Lloyds Banking Group head of digital analytics function Gary Sanders said: "Right at the start of the partnership we were able to reduce time to insight from 96 hours to 30 minutes by using BigQuery, allowing us to react in real time to customer needs and provide better service, and we were able to do this in a quick six week proof of concept.
"Such early success helped cement our partnership and motivated teams to work in an agile way."
Reza Rokni from Google said: "This is the first time we’ve done something like this with a bank and it’s placed Lloyds about 18 months ahead of peers in the use of data analytics."
Lloyds Banking Group was formed through the acquisition of HBOS by Lloyds TSB in 2009.
Image: Lloyds Bank branch. Photo: courtesy of Lloyds Banking Group.
