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Lloyds Banking Group is a financial services group offering a wide range of banking and other financial services, primarily in the UK. Its product portfolio comprises current and savings accounts, credit and debit cards, short- and long-term loans, unsecured loans, mortgages, protection and investment products, motor finance, bonds, and syndicated loans.
In 2017, Lloyds partnered with Innovate Finance with an objective to collaboratively provide mentorship to fintech startups.
In 2014, Lloyds established LBG Innovation Lab, a digital excellence center that houses an innovation team to identify disruptive fintech startups and then test their innovative ideas and concepts.
In November 2015, Lloyds - along with Fairwood Trust, the Welsh government, and WCR Group - invested ?250,000 ($382,146) in Welsh ICE to support startups participating in the accelerator program.
This report provides insight into Lloyds’ fintech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.
- In February 2018, Lloyds Bank announced a commitment of ?3bn ($3.9bn) for its digital transformation over the following three years. As part of this, Lloyds recruited a team of technology developers to build innovative fintech solutions that will enable it to modernize IT infrastructure and enhance operational efficiencies.
- Lloyds Banking Group has launched several in-house innovation initiatives to support its digital transformation strategy. The initiatives enable the bank to develop new ideas individually or in collaboration with other players in the fintech landscape.
- Lloyds Banking Group is gaining access to disruptive technologies by investing and partnering with external accelerators and incubators that identify and provide mentorship to insurtech and fintech startups.
- Lloyds Banking Group is strengthening its focus on the use of innovative technologies to enhance its digital banking capabilities. AI, the cloud, machine learning, blockchain, cybersecurity, big data, and robotic process automation are among the technologies the company is focusing on.
Reasons To Buy
- Gain insights into Lloyds’ fintech operations.
- Gain insights into its fintech strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various product launches, partnerships, investments, and acquisition strategies.