Lloyds Banking Group has announced a strategic partnership with Thought Machine, as part of its plans to accelerate digital transformation.

In conjunction with this partnership, Lloyds has made an £11 million investment in Thought Machine, representing a 10 per cent stake, as part of its £18 million Series A investment round.

The UK-based growth-stage FinTech’s core product, Vault, is a cloud-native banking platform which helps to simplify the technical and operational complexity of banking, whilst maintaining the advantages of security and reliability.

Since 2017, Lloyds has completed extensive testing and proofs of concept to develop the capabilities of Vault. The new technology can provide customers with more tailored products, as well as enable faster development cycles and further digital banking improvements.

Lloyds will enter into a development and deployment phase in 2019.

Zak Mian, group director for transformation at Lloyds Banking Group, said: “A key part of our recently launched three-year strategic plan is applying technology innovation to meet our customers’ evolving needs.”

Thought Machine founder and chief executive Paul Taylor added: “Lloyds has shown a deep commitment to embrace the opportunities that new technologies can bring in improving customers’ banking experience and it is a pleasure to take this partnership forward.”

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