Lloyds Banking Group has added Google to a roster of cloud-computing providers enlisted to support its £3bn transformation programme.
The 254-year-old bank committed to the tech overhaul in February 2018 in a bid to cut costs and keep pace with challenger banks such as Monzo, Revolut and Starling.
As part of the programme, the banking group, which includes Lloyds, Halifax and the Bank of Scotland, has now signed a five-year deal with Google Cloud to deploy a range of services to aid its app development and open banking work.
The group’s transformation director, Zaka Mian, said the partnership – the value of which hasn’t been disclosed – would enable the organisation to bring “new services to our customers quickly and at scale”.
“The collaboration will combine expertise, explore the new technologies that are reshaping the industry and offer the potential for quicker and easier customer transactions,” Mian added.
Thomas Kurian, Google Cloud’s CEO, said banking customers’ expectations were rising: “[They] expect secure access to their funds, without downtime, and delivered through the modern experiences they receive in other aspects of their lives.”
He added: “We are proud to work with such an established institution as Lloyds, working with them on one of the biggest digital transformation journeys to redefine the next generation of financial services.”
The move comes after Lloyds revealed in January that it was using Microsoft’s cloud platform Azure and a number of the company’s other products, including Microsoft Managed Desktop, to support the transformation project.
In 2017, before the tech overhaul was formally announced, Lloyds splashed £1.3bn on a ten-year cloud deal with IBM that involved some 1,500 of the bank’s staff moving over to the US tech giant.
Lloyds’ head of IT risk and governance, Ameet Jugnauth, told NS Tech last year that the evolution of cyber security and IT had transformed how the organisation deals with risk.
“They’re changing so regularly in ways that we can’t control,” he said. “Here are new technologies and the way customers interact with us is changing, and those are areas where you can’t wait a year to change your policies and then put your risk management processes in. We have to be quite dynamic and that’s been the biggest shift as an IT and cyber risk professional.”