Lloyds teams up with Google on big data analytics project
Lloyds has joined forces with Google on a project that will allow the British lender to gain deeper insight into its data.
The project will involve formation of a digital analytics team between Lloyds, Google and Advanced Skills Institute (ASI).
The bank will leverage Google’s big data platform technologies and analytics tools such as Big Query, Data Flow and Big Table to assess non-personal behaviour of its customers.
In a trial project, the Lloyds-Google team has been able to evaluate a year’s worth of front-end analytical data in under a minute.
Lloyds Banking Group head of digital analytics 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.”
Google cloud platform solution engineer Reza Rokni added: “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.”
In addition, the team is also examining the wider market such as machine learning, the application of AI as well as advanced algorithms.