Lloyds Banking group has announced that it is working with Google on a big data project to analyse its customer behaviour. It has formed a digital analytics team to work on big data.
Under the partnership, the London–based bank will use Google’s analytics platform and tools like Google Big Query, Data Flow and Big Table (that includes internal analytics tools such as Dremel, Map Reduce and more), to test the non-personal behaviour of its customers. The insights gained from this drive will help the 250-year-old bank to understand consumer requirements and serve them accordingly in real time.
A trial of the project was run by Lloyds in-house team which analysed a year’s worth of front-end analytical data in under a minute. The benefit of this is that Lloyds are able to see a big picture of data in a very short period of time, which means that more in-depth answers to problems can be given.
Google’s analytical tools haven’t been the only ones that the bank has been looking at, it has also been looking at the wider market for tools in the areas of machine learning, the application of AI and advanced algorithms.
The bank isn’t alone in looking at and deploying these kinds of technologies. Last week RBSrevealed that it is deployed advanced ‘human’ artificial intelligence to support relationships with small businesses.