The turning point for cloud adoption in financial services: Lloyds partners with Google Cloud

By Thought Machine Press Office

April, 2020

Leading UK retail bank and Thought Machine client Lloyds Banking Group has announced it is entering into a strategic collaboration with Google Cloud.

This partnership will support Lloyds in their cloud transformation journey, following a partnership with Thought Machine in 2018. We’re delighted to see this relationship strengthen; bringing together the best of retail banking with the unrivalled engineering excellence of Google. In 2019 we became a Google Cloud partner to deliver our core banking engine Vault to even more customers worldwide.

The collaboration with Google Cloud will build on Lloyds’ multi-cloud approach to deliver smart technology and better experiences to its customers across the UK. The collaboration will also utilise advances in AI and machine learning to create personalised customer experiences, delivered faster to market.

Lloyds Banking Group chose Thought Machine’s cloud native core banking platform Vault to accelerate their digital transformation of their existing technology platform. Since 2017, Lloyds has completed extensive testing and proofs of concept with Thought Machine on this project.

Zaka Mian, Group Transformation Director, Lloyds Banking Group 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.”

Paul Taylor, CEO, Thought Machine said, “This further commitment from our client Lloyds demonstrates the intersection of maturity in cloud technology and innovation in financial services. Cloud technology has progressed rapidly and is now being used in many mainstream services. From Google to Amazon and from Netflix to Spotify – cloud native technology is now adopted by world-class banks - and we’re delighted to play a critical role in delivering it.”