Lloyds Banking Group is saying “yes” more often and more confidently thanks to a tech upgrade powered by the FICO platform.
The UK high street giant has transformed its entire lending infrastructure, pushing more than £7 billion in loans annually through the cloud-based platform. In the process, it’s shaken off legacy systems that were slowing approvals and limiting innovation.
The overhaul has given credit card approvals a 2.5% boost, while approvals for brand-new customers taking out personal loans have doubled.
Lloyds had more than 20 separate legacy applications and tangled data flows to untangle. Working closely with FICO, the bank mapped its data landscape to ensure nothing critical got lost in translation during the shift to the cloud. The result was that 50 system limitations were resolved, and there was a clearer path for future innovation.
One standout moment is a full bureau data upgrade that used to take months was completed in just weeks.
Lloyds also launched a cloud-based application viewer—a first for the bank—giving underwriters and teams easier access to decision-critical information. With strategy components now shared across portfolios, the customer experience is more consistent than ever.
Ian Rockliffe, head of Consumer Credit Risk Transformation at Lloyds Banking Group, said: “It became clear that our lending infrastructure was becoming a barrier to the strategic growth ambitions of the bank. We needed the ability to scale to meet our customers’ needs within the digital channels. We also needed to bring in new data assets to support growth, sustainability and enhance our responsible lending position.”