Lloyds intends to introduce innovative solutions for the fintech sector
Lloyds Bank of Great Britain is actively developing the fintech direction. To this end, the company has launched the “innovation sandbox” project, which aims to strengthen cooperation with representatives of the fintech sector. According to a statement from one of the world’s largest banks, the initiative will help accelerate the development of the sector. The participants of the sandbox will share with each other their experience in the realization of various technical solutions. In addition, cooperation contributes to the production of innovative products and services that will help solve many problems in the market. In addition, Lloyds plans to conduct research activities and test new solutions within the sandbox.
The basis for the creation of the project was a study conducted by the bank in 2021. According to its results, 46% of companies operating in the financial services sector intend to cooperate with fintech in the near future. Lloyds hopes that the innovation sandbox will promote technological innovation and the development of the sector as a whole.
Lloyds has a long history, it began in Birmingham in 1765 with a small bank, which gradually, through mergers and acquisitions, grew into a major British network. Important milestones in the development of its modern history were the merger with Trustee Savings Bank in 1995, and HBOS joining the structure in 2009. In addition, in 1982, the bank expanded its activities and acquired a real estate agency.
Lloyds was the first bank to emphasize shareholder value as a key strategy. To this end, various solutions were introduced during 1994-1997 to increase the company’s attractiveness. The main method of business expansion was through mergers and acquisitions. Now the company serves more than 26 million customers, offering a wide range of financial services.
The bank pays special attention to digitalization. For its implementation, Lloyds signed an agreement with Google in 2020. According to the agreement, the bank will use the services of the Google Cloud platform for 5 years, which will improve the level of customer service. Lloyds will allocate 3 billion pounds for this project, which will be used to digitally transform the company’s financial operations. In this way, the bank wants to strengthen its position in the market and move with the times, which requires an innovative approach.
In addition to Google, Lloyds is also cooperating with Microsoft, the technology giant providing the bank with tools of the Microsoft Office 365 platform aimed at improving the efficiency of employees. Lloyds’ digital services are available to all customers, while the company aims to reduce the number of physical branches, enabling it to reduce business operating costs.
