Lloyds Wants to Become the UK’s “Biggest FinTech”
Hey Digital Banking Fanatic!
A bold ambition coming out of the UK banking sector today...
According to internal strategy documents, Lloyds plans to expand the use of customer data to build new technology-driven services and revenue streams, moving “beyond the boundaries of banking” in the UK.
The shift is part of a broader overhaul of Lloyds’ technology infrastructure.
The bank plans to scrap 862 internal apps and close 15 data centres, replacing them with more cloud-based systems.
Compliance is also set to change. More controls will be automated and executed in real time by machines, rather than checked retrospectively by employees.
The push comes as CEO at Lloyds Banking Group Charlie Nunn prepares to outline Lloyds’ new five-year strategy, which also includes expanding services for financial institutions and increasing lending to large corporates.
The broader goal is clear: modernize the bank’s infrastructure and compete more directly with digital players like Revolut and Monzo.
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INSIGHTS
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