Lloyds Banking Group has launched an “innovation sandbox” to accelerate its collaboration with FinTechs.
The bank said that the move, which is part of its public commitment to the FinTech Delivery Pledge, would help improve its digital products and services.
The Pledge is an industry-wide initative designed to improve the global position of UK financial services by creating partnerships between FinTechs and banks, as well as other large financial institutions.
The sandbox is being rolled out to help drive a range of FinTech opportunities more efficiently and reduce time-to-market through the design and test cycle, said Lloyds.
“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 Banking Group. “We are working to maximise the value of the Sandbox and increase the velocity of technology-led innovation in supporting our growth strategy."
Weigler continued: "Strengthening the UK’s financial ecosystem is part of how we Help Britain Prosper.”
The bank said that several experiments have already been conducted on the sandbox to support product development and collaborate with potential partners, but the organisation did not share details.
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