Bank of Scotland, Lloyds Banking Group PLC announced on Monday that they will create 500 new high skilled computing jobs at the technology hub in Edinburgh, Scotland. Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS plc by Lloyds TSB in 2009 by having market capitalization of approximately GB£ 57.7billion as recorded on March 4 2014, making Lloyds the seventh largest of any LSE company.
This plan was part of a 3-billion-pound investment plan which was previously announced to overhaul digital services. Reports suggest the hub will provide support for its Lloyds Bank, Bank of Scotland, Halifax and Scottish Widows operations. This facility would thus aim to transform the digital experience. The bank has started recruiting software engineers and data scientists for the hub which will be based at the headquarter – Scottish Widows.
It has been observed that most of the high street banks have been shutting their branches since most of the customers conduct or use banking services through apps or internet. This has created pressure amongst banks to ramp up their spending towards financial-technology sector. Mobile-only banks such as Monzo and Revolut have claimed multibillion-dollar valuations in recent years and is rapidly growing customer numbers. Japanese technology giant SoftBank Group Corp has made investments worth over $1 billion in business, mainly British fintechs OakNorth and Greensill. Lloyds and Halifax combined closed more than 90 branches last year.
This new tech hub will be designed to meet future needs of customers, product services and will be able to adapt and make life easier. These investments are also expected to boost tech-based talent of Scotland providing enormous career opportunity, support technology development, enhanced skills and at the same time benefit customers of Lloyds. Lloyds is already actively involved in the Edinburgh tech scene, regularly hosting digital academies and meet-ups including CodeClan and CodeBar, as well as partnerships with Fintech Scotland and HackerX.
Edinburgh is also set to become one of UK’s most competitive tech hubs, owing to the speedy growth of startups, offerings from world-leading universities and new digital academies providing greater scale and choice for careers in the industry. This commitment and investment from Lloyds has developed great confidence in Scotland to be considered as a centre of excellence in financial services.