Lloyds Banking Group secures AI expert from Amazon for digitization initiative

Lloyds Banking Group has recruited Rohit Dhawan, a senior manager from Amazon Web Services (AWS), to fill the newly created position of Group Director for Artificial Intelligence and Advanced Analytics. This move is part of the British banking giant’s extensive digitization efforts. Rohit Dhawan, who holds a PhD in Artificial Intelligence from the University of Sydney, previously led AWS's data and AI strategy in the Asia-Pacific region. At Lloyds, he will report to Chief Data and Analytics Officer Ranil Boteju. This decision comes at a time when banks are increasingly leveraging AI and machine learning to achieve efficiency gains and reduce costs. Experts, however, point out that traditional banks are slower in adopting these technologies due to regulatory concerns. Morgan Stanley was one of the first banks to appoint a Group Head of AI back in March. "Rohit's appointment is a significant boost for the strategic development of AI technology and capabilities within the Lloyds Banking Group," said Boteju. "Rohit will work across departments to integrate AI outcomes into business priorities and drive our strategy consistently forward." Dhawan will oversee the integration of AI into customer and operational processes and build a new data and AI function within the bank. He will also lead an 'AI Centre of Excellence' comprising experts in data science, behavioral science, machine learning, and AI ethics. "It is a privilege to join Lloyds Banking Group, and I look forward to working for an organization that is undergoing one of the largest transformation processes in the financial services sector," said Dhawan. "I want to see how we can leverage data and technology to respond to the evolving needs of customers." For more than two years, the bank has been implementing a strategic plan that includes reviewing thousands of middle management positions to digitize operations and improve returns. Lloyds has already hired 1,500 technology and data specialists this year and is currently testing 50 AI use cases to deliver faster customer support, enhance chatbots, and detect early warning signs of fraud. The group uses machine learning algorithms to triage and prioritize customer calls and for income verification in mortgage applications, reducing the process from three weeks to a few seconds. Lloyds, which also has insurance and pension divisions, used AI to process insurance claims following storms in January, freeing up time for urgent customer calls.