Lloyds Banking Group has launched the Innovation Sandbox to accelerate collaboration with fintechs and improve the digital products and services it provides to customers.
Innovation Sandbox will help the group bring a variety of fintech opportunities through the design and test cycle more efficiently, supporting a rich ecosystem of fintechs and reducing time-to-market. Several experiments have already been conducted on the Sandbox, allowing various parts of the group to collaborate with potential partners at a pace and to shape product development together. The Innovation Sandbox will allow the group to increase the speed and collaboration with new fintechs. This tech solution enables innovation and change at a greater pace, delivering better products and services for customers.
Vic Weigler, Chief Technology Officer at Lloyds Banking Group, said: “The launch of the Innovation Sandbox has improved our ability to experiment and learn with fintechs at pace. We are working to maximise the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy. Strengthening the UK’s financial ecosystem is part of how we help Britain prosper.”
