How Banks Are Deploying Responsible AI: Insights from Lloyds and Moroku
As artificial intelligence (AI) continues to revolutionise the financial sector, banks are increasingly prioritising the responsible and ethical deployment of AI technologies. Lloyds Banking Group’s recent appointment of Magdalena Lis as the Head of Responsible AI underscores this commitment. Moreover, innovative platforms like Moroku Odyssey are paving the way for the implementation of responsible AI practices through creative and engaging approaches.
Lloyds Banking Group’s Commitment to Responsible AI
Lloyds Banking Group’s decision to hire Magdalena Lis as the Head of Responsible AI reflects the industry’s tendency towards ethical AI deployment. Lis’s role will involve enhancing Lloyds’ AI-driven products and services while implementing necessary controls to ensure the ethical use of AI. Lis’s appointment highlights the importance of having dedicated roles and expertise in managing AI ethics within financial institutions. As AI becomes more integrated into banking operations, the need for robust frameworks and policies to govern its use becomes crucial.
Moroku Odyssey: A Game-Changer in Financial Services
Incorporating responsible AI practices is essential, but how can banks effectively implement these frameworks? This is where Moroku Odyssey comes into play. Moroku Odyssey is a user experience orchestration and engagement platform designed specifically for financial services. It leverages game design principles to create engaging and personalized customer experiences.
Moroku Odyssey uses game theory to provide feedback, support and reward to customers based on their financial habits, helping them understand and manage their money better and by doing so , help banks build sustainable, customer success centric businesses. By integrating game mechanics into financial services, Moroku Odyssey makes managing money more engaging, fun, and social. This approach not only attracts and retains customers but also helps them build healthy financial habits.
AI Priming with Moroku Odyssey
A unique feature of Moroku Odyssey is its AI priming system. This system refines data models by consuming a broad range of transactional and behavioural data from core systems and open banking. This process, known as LLM compression, helps in creating more efficient and accurate AI models that can better understand and predict customer behaviours and needs.
By applying game theory principles, Moroku Odyssey can create engaging and personalized experiences that provide valuable insights into customers’ financial habits. This data is then used to prime the AI models, ensuring they are well-equipped to offer tailored recommendations and support to customers.
The Telos of Customer Success
The concept of “telos” refers to the ultimate goal or purpose. In the context of financial services, the telos is customer success. Moroku Odyssey’s game-based approach aligns perfectly with this goal by creating engaging experiences that empower customers to take control of their finances. By making financial management enjoyable and rewarding, Moroku Odyssey helps customers achieve mastery and loyalty.
By priming the LLM model around customer success, banks achieve ethical use of AI whilst creating more efficient and accurate AI models that are faster and consume less computer resource.
Conclusion
The appointment of Magdalena Lis as Head of Responsible AI at Lloyds Banking Group highlights the industry’s commitment to ethical AI deployment. Platforms like Moroku Odyssey demonstrate how innovative approaches can be used to enhance customer engagement and success in financial services. By combining responsible AI practices with engaging game design, banks can create a win-win situation for both customers and the industry.