Lloyds Banking Group has introduced a new initiative to accelerate its collaboration with fintechs and improve the digital products and services it offers to customers.
The initiative, Innovation Sandbox, is designed to make the design and testing stages of the group’s work with fintech partners more efficient and so reduce time to market.
UK-headquartered Lloyds has already conducted several experiments on the sandbox, which it said has allowed various parts of the group to collaborate with potential partners at pace and to shape product development together.
“The launch of the Innovation Sandbox has improved our ability to experiment and learn with fintechs at pace,” said Vic Weigler, chief technology officer at Lloyds. “We are working to maximise the value of the sandbox and increase the velocity of technology-led innovation in supporting our growth strategy.”
The Innovation Sandbox is part of the group’s commitment to the Fintech Delivery Pledge, which is designed to establish partnerships between UK financial institutions and fintechs.
Other financial institutions that have signed the pledge include Barclays, HSBC and NatWest.
Weigler said: “Strengthening the UK’s financial ecosystem is part of how we help Britain prosper.”