Lloyds Bank has said it will partner with more FinTech providers in 2021 as part of a new digital transformation strategy.

With the bank’s online customer base growing by 6.1 per cent to 17.4 million last year, its digital platform has become even more important over the past 12 months.

Lloyds plans to invest around £900 million this year to support the initiatives outlined in its latest Strategic Review.

The company said it needs to “reinvent” the way it does business by partnering with specialist technology and FinTech providers over the coming months.

To help accelerate its digital transformation, the bank is focussing on four areas: delivering a modernised technology architecture, building an integrated payments platform, creating a data-driven organisation, and implementing reimagined ways of working.

“Customers will increasingly expect to interact with us in a more effective, agile and personalised way,” said the bank in its Strategic Review. “To compete effectively against new entrants and respond to these evolving customer expectations, we need to continue to transform how we work, replace some of our legacy systems and enhance our use of data across the business. Some of this development will be internal but we will also increasingly use partnerships with specialist technology and FinTech providers.”

Lloyds said that it has already established a number of strategic partnerships with FinTechs, including Form3 and Thought Machine, who are developing core financial services tech solutions.

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