Monzo used AI to code 1.5 million lines of banking code last year
UK bank Monzo is increasingly relying on AI as it aims to remain agile and digital-first.
This means the technology is being deployed in everything from customer service to the code which forms the foundation of its platform, the group said in its annual report published on Monday (2 June).
“Being a digital bank with our own in-built tech platform, and without branches, we have a lower-cost business model and can remain nimble,” said TS Anil (Group CEO of Monzo).
“To maintain this advantage and provide the highest levels of service over the long term, we’ve invested in our AI-driven self-service system that customers can use to resolve non-complex queries and tasks.”
The system means that, on average, customers are now able to resolve 42% of simpler queries themselves, Anil said.
He added that the is also continuing to invest in its technology
platforms, and this includes the use of AI to improve how we build and secure its products.
“In FY2025, an estimated 1.5 million lines of source code were written using AI, letting our engineers focus their time on solving for more complex customer needs,” he said.
Despite these improvements, Anil noted that he and his team have identified opportunities to improve the service it provides to its customers, particularly those who are vulnerable.
“Work is underway to resolve these customers’ complaints faster and more effectively, giving them the support they need and staying true to our mission,” he said.
Anil said that it was important for Monzo to have its own cloud-native technology stack as it allows the bank to be flexible, scalable and resilient.
“Keeping technology costs low and positioning us well to maximise the use of machine learning in things like customer risk assessments, credit underwriting and fraud detection,” he said.
“Large language models (LLMs) are also benefiting our engineers, with 85% of our engineers using Copilot to increase coding productivity.”
