May 2025: Five big AI news stories of the month

Artificial intelligence (AI) continues to be a driving force in fintech, shaping innovation and dominating headlines around the world.

Here, Fintech Future looks back at five of the biggest AI stories of May, including Westpac, Temenos, Lloyds Banking Group and more.

FE fundinfo acquires startup Lunar AI for undisclosed sum

Financial data company FE fundinfo has acquired Lunar AI to enhance its investment management platform Nexus. Specific financial terms of the transaction have not been disclosed.

Founded in 2022, Lunar AI uses large language models (LLMs) to automate financial content production and allows clients to build custom AI modules through a no-code interface.

FE fundinfo will use the acquisition to enhance the AI capabilities of its Nexus platform, which was launched in November to provide asset managers with static and dynamic data insights.

OakNorth Partners with OpenAI to Drive GenAI Adoption

UK-based business bank OakNorth will further embed generative artificial intelligence (GenAI) technology into its business by signing a new partnership with ChatGPT developer OpenAI.

The bank said it will gain access to “customized GPT tools” through the partnership and deploy them across “horizontal and vertical initiatives – from digital lending to function-led AI enhancement projects.”

OakNorth uses machine learning technology from sister company ONCI to guide its lending processes, and the company has lent around $17 billion to businesses over the past 10 years.

Lloyds Banking Group Appoints Aritra Chakravarty as Acting Head of AI

Lloyds Banking Group has appointed former HSBC executive Aritra Chakravarty as Acting Head of AI, effective immediately.

The bank, which revealed plans in April to launch its own agent AI system “later this year,” is currently using Google Cloud’s Vertex AI to power its core machine learning and generative AI platforms.

Chakravarty will work under Rohit Dhawan, who was hired in August to the newly created role of director of AI and advanced analytics.

Temenos paints an AI-centric future at TCF 2025

Jean-Pierre Brulard, CEO of core banking technology company Temenos, told attendees at this year’s Temenos Community Forum (TCF) 2025 in Madrid, Spain, that the company is ready to “invest massively” in AI technologies.

Temenos “will be the first core banking company to invest massively in GenAI and agent AI,” Brulard said on the opening day. The event marked the official launch of Temenos’ product manager Co-Pilot and FCM AI Agent.

Commercial Bank and Varo Bank helped develop the Co-Pilot tool, while Banque Internationale de Luxembourg (BIL) helped create the FCM AI Agent.

Westpac appoints Andrew McMullan as new chief data, digital and AI officer

Australian banking giant Westpac has appointed former Royal Bank of Scotland executive Dr. Andrew McMullan as its new chief data, digital and AI officer.

McMullan will take up the role in September 2025 and will oversee the bank’s “data analytics, digital transformation and AI initiatives, with a focus on the responsible use of data and AI.”

McMullan has nearly two decades of industry experience, joining Westpac from Commonwealth Bank of Australia, where he most recently served as the bank’s chief data and analytics officer.