Bill – stock.adobe.com
Lloyds Banking Group is running a 6-month training programme to give senior leadership AI skills.
Lloyds Banking Group will train 200 of its senior managers to ensure that the organisation can make the most of artificial intelligence (AI). The bank will work with training provider Cambridge Spark to develop the program, which will embed AI in the leadership ranks. Participants will be trained in an 80-hour program called Leading with AI by Cambridge Spark and experts from Cambridge University.
Ron van Kemenade is the chief operating officer of Lloyds Banking Group. He said that AI is a game changer for financial services and we are investing in cutting-edge technology to enhance our services. The Cambridge Spark programme will empower our leaders to innovate with AI, and drive commercial excellence with this transformative technology.
Our approach to AI is to integrate it deeply into every aspect of our company, rather than limit it to a centralized technical team. We’re building upon our existing expertise to create the most AI-capable banking leadership team.
Lloyds Bank also invested in AI training beyond its senior leaders, with a Data & AI Academy and GenAI Masterclasses. It has previously worked with Cambridge Spark on a graduate-level bootcamp that focused on practical industry knowledge for emerging data scientists.
Leading on AI
The Leading with AI program will focus on areas such as identifying transformational AI opportunities and spearheading their implementation.
Raoul Gabriel Urma, CEO of Cambridge Spark, stated that it is important to embed AI know-how in the top management of organizations: “Advancing AI capability represents both the greatest opportunity and challenge for today’s business.” This multiplier effect is created by enhancing these capabilities within senior leadership. In a recent survey of 120 firms, the results showed that three quarters of them are already using AI in their business operations. The survey included all large UK and international bank, insurers, and asset managers who responded. This represents a 53% rise from the same survey conducted in 2022.
Senior bank leaders will face challenges as they are expected to work within the regulatory frameworks. They will need to understand both the benefits and risks of AI.
Sarah Breeden, deputy Governor of Financial Stability at the Bank of England said, during an international financial conference in October, that regulation must remain ahead of AI adoption.
She stated that this would “help us to better understand not only AI’s benefits, but the different approaches firms take to managing risks which could be a financial stability risk”.
After that, the regulator will try to spread the best practices and decide whether regulatory guidelines and guardrails should be implemented. Breeden said that AI’s power and use is increasing rapidly, and we can’t afford to be complacent. “We know that past experience with technological innovations in other sectors of economy has shown us that it is difficult to retroactively address risks when usage reaches a systemic scale.”
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