On Tuesday, the 6th of November Lloyds Banking Group announced that it had invested in a FinTech company as a part of digital shake-up aimed at enhancing the bank’s digital presence.
A £3bn transformation and technology investment programme includes the investment of £11m for a 10 % stake in cloud-based core banking start-up Thought Machine, which focuses on building technology to revolutionise current online banking system.
Thought Machine’s core product, Vault is able to run any type of banking product. It aims to simplify outdated online systems while providing customers with maximum security and reliability.
However, that’s not all – Lloyds Bank plans to cut 6,240 jobs whilecreating 8,240 new digital positions as part of its huge shift towards Digital Transformation.