Banking giant Lloyds has announced it is shifting customer data onto Google Cloud as part of its digital transformation.
Lloyds has committed to invest £3bn ($3.9bn) to transform itself in order to be successful in the digital world. The move by Lloyds aims to streamline and modernise the customer experience.
Zaka Mian, Group Transformation Director at Lloyds, said: “As the UK’s largest digital bank we have made strong progress in transforming not only our systems, but also how we work.
“The size of our digital transformation is huge and Google Cloud’s capabilities will help drive this forward, increasing the pace of innovation, as well as bringing new services to our customers quickly and at scale. This collaboration gives us a strategic advantage to continue as a leader in banking technology.”
The announcement comes after there has been increasing pressure on traditional incumbents get rid of old legacy software. Legacy software is expensive to run and considered less reliable.
Boost efficiency and innovation
Through the collaboration, Google Cloud experts will work with Lloyds to enhance engineering disciplines. The goal is to boost efficiency and offer innovative new services to the bank’s retail and commercial customers.
Furthermore, Google Cloud will host customer data on the Internet and hold information in its data centres.
Thomas Kurian, CEO at Google Cloud, said: “Banking customers today expect secure access to their funds, without downtime, and delivered through the modern experiences they receive in other aspects of their lives.
“We are proud to work with such a storied institution as Lloyds, which helped to create—and continues to redefine—the next generation of financial services.”
Prior to the new partnership, Google Cloud has secured a number of customer wins in recent months. These include contracts with HSBC, Atom Bank and Refinitiv.
In addition, in January the Silicon Valley giant partnered with Temenos to accelerate digital transformation in the cloud.