Lloyds Banking Group, one of the leading financial services organizations in the UK, has announced its plans to establish a technology centre in Hyderabad, India. The centre aims to enhance the group’s digital capabilities and will be operational by the end of 2023. Lloyds Banking Group, which encompasses renowned brands such as Lloyds Bank, Halifax, and Bank of Scotland, intends to hire 600 professionals for this new venture.
Embracing India’s Tech Innovation Powerhouse
Lloyds’ Group Chief Operating Officer, Ron van Kemenade, stated that the investment in Hyderabad’s tech centre reflects India’s emergence as a tech innovation powerhouse. The company recognizes India’s potential to meet customer needs and support its long-term growth strategy. As Lloyds expands its presence in the region, it anticipates ample opportunities in Hyderabad, benefiting from the city’s highly skilled engineers and robust technology ecosystem.
Strategic Investment in Digital Transformation
The establishment of the new captive in Hyderabad is part of Lloyds Banking Group’s broader strategic investment of £3 billion over the next three years, aimed at transforming its digital offerings. Initially, the group aims to fill 600 positions in the fields of technology, data, and cybersecurity. These roles will be pivotal in leveraging technology, digital data, and analytics capabilities to drive innovation and ensure end-to-end product delivery.
Focused on Technology and Innovation
Similar to other banking captives, Lloyds Banking Group’s centre in Hyderabad will not provide banking services within the country. Instead, it will concentrate on harnessing technology, digital data, and analytics to foster innovation and facilitate efficient product delivery.