Lloyds Banking Working to Replace Core Banking System

The bank plans to cut costs by switching to a new platform developed by startup Thought Machine; Lloyds has held discussions with regulators about the transfer of data of around 500,000 customers in order to test the new system; the bank may subsequently conduct similar transfers across other businesses in the coming years; the bank has already cut 30,000 jobs and a quarter of its branches in the past 8 years and the news has raised concerns about further job losses at the bank; these moves are meant to help the bank better compete against the challenger banks who are not burdened with legacy IT systems. Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!