Lloyds Banking Group has moved its lending system to the cloud, ending the use of more than 20 old computer programs and fixing over 50 problems in its systems.

The bank reached this big step with the help of the Fico Platform, which helped increase credit card approvals by 2.5% and brought in twice as many new loan customers.

The change helped fix the problems with Lloyds’ outdated lending system, which was not able to keep up with growth and changing customer needs.

The Old System Made Safe Lending And Green Goals Difficult

The broken-up systems caused problems in online services and made it hard to add new data needed for safe lending, growing the business, and being eco-friendly.

Ian Rockliffe, head of Consumer Credit Risk Change at Lloyds Banking Group, noted that it was evident the bank’s lending system was starting to get in the way of its big plans. He added that the company needed to grow to help its customers better online. The bank also needed new data to stay eco-friendly and lend money in a safe way.

The group had to study the data in detail to see where changes were happening in the systems and what they would look like later. This helped Lloyds and FICO get ready for the changes and make sure users of the data would not be affected.

Since starting to use the Fico Platform, Lloyds has added a significant upgrade for bureau data, which was finished in just weeks instead of many months.

Rockliffe stated that the team is already seeing good results in loans from the bureau upgrade and believes credit cards will also do well. The new lending system helps the firm grow and adapt quickly. He further said the new setup is performing well, and Lloyds is ready to help customers with lending all day, every day.

The Bank Introduced A New Cloud Tool To Help Staff See Loan Requests Quickly

The platform also helps the bank plan smart loan rules, sharing the same ideas across different products to give customers a smooth experience.

Nikhil Behl, president of Software at FICO said the new system not only helped Lloyds change its technology, but also made the Group operate in a faster and better way when handling both tech and business updates.

The bank also rolled out a new cloud tool to help underwriters and other workers see loan requests faster. This tool makes it easier for staff to check loan applications.

The platform’s solid design keeps it working nonstop, so customers can ask for loans or credit whenever they want. Lloyds added credit card checks to its own team as part of the big update.

A month ago, Lloyds teamed up with Taulia, a top company that helps with money flow and part of the SAP group to give Visa Virtual Cards. These cards are added into many tools in the SAP Business Suite.

With this teamwork, Lloyds will give credit to customers using the Taulia Virtual Cards, so companies can give these cards to suppliers around the world in a smooth B2B payment process. Taulia’s tech and Lloyds’ support bring a new and easy way to pay that fits what UK customers need.