FinLLM, a British-made generative AI model for the financial services sector backed by Lloyds and Nationwide, has launched.
Developed by Scottish group Aveni, the financial large language model has been trained on the UK’s stringent regulatory compliance, safety and performance requirements.
According to Aveni, FinLLM works similarly to existing AI chatbot tools like ChatGPT and Gemini but with a specific focus on UK financial services. The company said its model consistently outperforms general purpose equivalents when it comes to financial tasks.
“In an era where AI sovereignty is becoming increasingly important, FinLLM is a fantastic example of UK AI Innovation,” said Aveni chief executive Joseph Twigg.
“The output is a highly performant model, that over coming months will start to deliver automation for a range of use cases in UK Financial Services.
“With data transparency, AI Safety and Ethics at its heart, FinLLM is also poised to play a key role in the adoption of AI Agents in the UK market, presenting an attractive alternative to large US- based LLMs.”
Aveni built FinLLM as part of a partnership with Lloyds and Nationwide, which hoped to bolster their financial service offerings with a bespoke AI tool. The partnership included an £11m investment from the banking groups.
“Aveni’s FinLLM will be a game changer for UK financial services,” said Ranil Boteju, chief data and analytics officer at Lloyds Banking Group.
“Having seen the FinLLM roadmap and integration with the broader Aveni product suite, I’ve been blown away with the progress and ambition.
“I am excited to see the transformative impact the Aveni FinLLM will have when deployed at scale across Lloyds Banking Group and the industry.”
Both firms provided input on the technical build of FinLLM as well as Aveni’s approach to governance and risk.
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