Lloyds Banking Gorup has signed a multi-year agreement to migrate its Oracle databases to Oracle DatabaseAzure.

The move will enable Lloyds to run its Oracle databases on Oracle Cloud infrastructure within Microsoft Azure data centres to deliver services faster and improve performance, security and availability.

The migration is part of Lloyd's strategy to strengthen its technology and multi-cloud capabilities, with the DatabaseAzure service designed to help the organisation modernise applications and simplify its database management in a multi-cloud environment.

The Oracle DatabaseAzure feature set includes automation of administrative tasks such as database provisioning, backup and monitoring, and compatibility with Azure tools and services.

With the partnership, Lloyds will also leverage Oracle Exadata CloudCustomer to manage a number of databases in its data centres leveraging Oracle's cloud infrastructure, while maintaining control over data residency and compliance requirements.

The partnership will help Lloyds bring new products to market faster, benefiting their customers with better services and experiences, the company said in a statement.

“As we focus on growth and diversifying our business, maximising our use of data across the Group becomes critical so that we can innovate and deliver new services faster for our customers,” said Joe Soule, chief investment officer at Lloyds Banking Group.

“The ability to flexibly deploy Oracle databases on-premises or in the public cloud, in combination with Microsoft Azure through a multicloud approach, enables us to accelerate the pace at which we adopt digital technologies. This ensures we can support our customers with high-performing services and the best customer experience possible.”

Lloyds Banking Group and Oracle entered into an initial partnership in 2019, with the initial collaboration focused on modernising Lloyds' technology infrastructure and enhancing its digital capabilities.

The partnership with Oracle has enabled the company to accelerate its transition to the cloud, helping to deliver new products and capabilities to the market faster, while increasing performance and security, the financial services firm said in a statement.

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