Lloyds Banking Group Announces Extension Of Its Cloud Deal With Oracle

UK’s major financial services organization, Lloyds Banking Group, has announced the extension of its cloud deal with Oracle. The banking giant stated that the continuation of the deal would help the firm strengthen its customer base.

The multi-year deal will enable Lloyds to advance its multi-cloud strategy by transferring its Oracle databases to Oracle Database@Azure. The databases support Lloyds’ banking services and other business functions. Following the move, the bank can easily operate its Oracle databases on Oracle Cloud Infrastructure (OCI).

The Deal Will Enable Lloyds To Serve Its Customers With Enhanced Speed

Lloyds stated that it will be operating several databases in its data centers using Oracle Exadata Cloud@Customer. The Oracle database services can be deployed on-premises or inside Azure data centers with OCI’s distributed cloud. The centers have a stable operating model and equal capabilities. Lloyds noted that this flexibility enables it to serve its customers with agility and enhanced speed.

Chief information Officer at Lloyds Banking Group, Joe Soule, highlighted that the company is focused on diversifying its business and expansion. The collaboration will enable the firm to maximize its use of data across the banking group. He added that the move is very important for innovation and to deliver new services faster and more efficiently for customers.

Soule noted that the firm now has the capacity to deploy Oracle databases in public cloud or on premises, in collaboration with Microsoft Azure. This will allow the banking group to speed up the pace at which it adopts digital technologies. The move will enable the firm offer more support to its customers, ensuring the best customer experience through high-performing services.

Lloyds Has Accelerated Its Transition Into Cloud

The collaboration with oracle has enabled Lloyds to accelerate its transition to the cloud, ensuring a speedy delivery of its capabilities and products to the market. It has also enabled the availability of its services, ensured strong resilience, security, and a strong performance in the organization.

General Manager and Executive Vice President of Oracle’s EMEA Cloud Infrastructure, Richard Smith, also commented on the development. He stated that only a few sectors are evolving and growing as quickly as the financial services sector in terms of cloud adoption. “Lloyds is one of the companies at the forefront of this transition,” he said.

The partnership will enable Lloyds to take advantage of the industry’s most flexible and comprehensive approach to the cloud. Smith noted that Lloyds provides more innovation for its customers by streamlining its migration, making it more efficient in providing customer service.