Lloyds Banking Group plans to spend 3 billion pounds in strategic investment with a huge allocation towards digital technology that might give significant fresh business to Indian IT services providers. This investment is a 40% increase over what it spent on its 2015-17 strategy.
Jimit Arora, who leads US-based advisory Everest Group’s IT services research practice, said Lloyds is all set to increase its spending across IT modernization and business transformation to create a better digital banking experience. “Overall, while Lloyds has performed at par with the market, in a recent study we saw that other banks were leapfrogging them from a digital experience perspective,” he said.
