Lloyds Banking Group has described the opening of a tech delivery centre in Hyderabad, India, as a “pivotal moment” in the bank’s £3bn, three-year, digital transformation journey
The tech centre, which was announced in June, will house around 600 IT professionals including data and cyber security experts.
The Hyderabad Technology Centre will deliver artificial intelligence (AI), cloud and blockchain programmes across the bank, with an initial focus on using data, machine learning and cloud to support customers in the UK. In support of the roles at the centre will include specialists in full stack, Java back-end, React, and cloud engineering.
Lloyds bank said: “The long-term ambition is for the centre to become a hub for modern engineering excellence, supporting the delivery of Lloyds Banking Group’s technology transformation and utilising India’s thriving technology landscape and specialist talent.”
Group chief operating officer, Ron van Kemenade, said:“The opening of Lloyds Technology Centre represents a pivotal moment in our overall transformation journey, building on our growth in tech talent in the UK.
“This centre, located in the vibrant tech hub of Hyderabad, will become a hub for innovation and engineering excellence. We’re excited to use this facility to help deliver the transformation the Group requires to meet the ever-evolving needs of our customers.”
The centre will not provide any banking services but will focus on using technology, digital, data and analytics capabilities to “drive innovation and end-to-end product delivery”, according to the bank. It said the centre is also a “step forward” in its approach to international resourcing.
Speaking to Computer Weekly when the centre was first announced, Peter Schumacher, CEO of management consultancy The Value Leadership Group, which specialises in outsourcing, said Lloyds joins a growing number of banks from around the world with large centres in Hyderabad.
“The financial ecosystem in Hyderabad has broadened significantly and now includes British companies like challenger bank OakNorth, Tide and the London Stock Exchange. Aside from the banks, Hyderabad is also home to software companies focused on banking and financial services,” he said.
Schumacher added that increasing investment in Hyderabad is creating a rich technology and business ecosystem. “The enormous pace of change and the constant interaction among companies is enabling the accelerated development of complementary capabilities and higher-value opportunities that extend far beyond just incremental improvements,” he said.