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About Lloyds Banking Group:
Lloyds Banking Group (Lloyds) is one of the UK’s leading financial institutions, with more than 26 million customers in the UK.
Project overview:
- Lloyds has selected Vault Core as the platform to replace its legacy mainframe-based core.
- The long-term strategy is to follow a progressive modernisation approach by putting simpler products on Vault Core first and then migrating 30 million deposit accounts from legacy systems to Vault Core.
- The bank is going live with a new fixed-term deposit products for friends and family in 2023, with a market launch of 500,000 customers planned for January 2024.
Deployment approach:
- Coexistence: migrating existing customers to the new digital banking proposition first, followed by full bank migration in the near future