Founded in Birmingham in 1765, Lloyds is one of Britain’s Big Four clearing banks and the largest retail bank. The principal subsidiary of the Lloyds Banking Group, it is also a bank with a mission: Use next-generation technology to “Help Britain Prosper” and create a digital experience fit for the 21st century.
During the 2008 financial crisis when the British government stepped in to buy a one-time 43.4% share, Lloyds was already looking at how to transform its digital experience. Set up to bring in fresh skills and inspiration, the Lloyds Banking Talent Group offers an array of 2-year programs including one just for Data Scientists. The aim? Integrate modern data methods into everyday operations, from running quantitative analysis on business problems to using Python code to test hypotheses. And there’s also a machine lntelligence program and lab designed to get more from AI in areas like credit scoring and mapping out risk.
“An edge is created through successful analysis of large sets of historical data”
Markus Stadlmann, CIO at Lloyds Bank Private Banking
Investing in the future
By 2018, Lloyds had repaid its debt and decided to pick up the pace of change. Announcing a sweeping £3-billion investment plan, the bank focused on digitizing its services and shifting to a “flexible and agile strategy rather than a monolithic five-year plan,” (Shashank Khare, Head of Group Strategy).
Doubling the number of digital experience designers and engineers specializing in robotics and AI, the bank chose to be accompanied by the best. This included appointing Barry Panayi as Chief Data Officer – who is convinced that embedding AI into mundane processes is a vital way to free up time. Alex Cave also joined as Lead Data Scientist and the Head of Artificial Intelligence Systems, helping to mentor the next generation of data scientists.
A hive of innovation
In 2019, Lloyds set up a new digital tech hub in Edinburgh, recruiting 500 data scientists to ensure the bank stays on the cutting on edge. “In our tech labs, we are designing what customers will need in the future, making products and services that can adapt to their lives and making it easier for them to connect with their finances,” explains Lloyds Banking Group’s Scottish executive committee chair Philip Grant.
Developing techniques such as (near) real-time transaction analysis, Lloyds continues to harness the power of data to transform operations and outcomes for its 26 million customers and 1 million businesses across the UK.
A plan towards digital transformation
Having repaid its government bailout, Lloyds Banking Group launches a 3-year strategic plan to achieve an ambitious digital transformation.
Achievements in Data and Analytics
Lloyds' Chief Data Officer, Barry Panayi, is voted one of the Top 50 Innovators in Data and Analytics by Corinium in 2019.
Leveraging AI to enhance compliance
With intelligent automation, Lloyds expects to reduce manual compliance efforts by 20% through automated speech-to-text and analytics.