Lloyds Banking Group implements FICO Platform to upgrade lending systems

By Gloria Methri

Lloyds Banking Group (LBG) has successfully modernised its lending infrastructure through the adoption of FICO® Platform, enabling over £7 billion in annual loan originations. As part of its cloud migration strategy, the platform empowers LBG to make faster, smarter, and more consistent lending decisions by leveraging real-time data ingestion and advanced analytics.

The transformation addressed challenges posed by LBG’s legacy systems, including fragmented processes and limitations around scalability and innovation. Key outcomes since the implementation include a 2.5% uplift in credit card approvals, a doubling of new-to-bank consumer loan customers, and the resolution of over 50 system limitations.

“It became clear that our lending infrastructure was becoming a barrier to the strategic growth ambitions of the bank,” noted Ian Rockliffe, head of Consumer Credit Risk Transformation at Lloyds Banking Group. “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.

“Working with FICO, we have been able to simplify the whole technology estate and implement a market-leading cloud-based infrastructure. This delivers major technology enhancements and other significant benefits. We serve one out of every two households in the UK, and these changes help us say ‘yes’ to more customers.”

This major transformation has delivered several firsts for LBG, including the launch of a new cloud-based application viewer for underwriters and other teams. Since going live on the FICO Platform, LBG has introduced a significant bureau data upgrade, which was completed in weeks, compared to months in the past, highlighting the platform’s ability to accelerate innovation and operational efficiency.

Nikhil Behl, president, Software at FICO, added, “Not only has the new integration helped LBG to change its technology fundamentally, but the Group has also adopted a truly agile approach when delivering technical and business change. Upgrades no longer take months or years, but can be completed within minutes and days, providing significant operational efficiencies.”

With the FICO Platform, LBG used the opportunity to optimise its strategies and rules mathematically and can now share logic and components across portfolios, enabling a more consistent customer experience and accelerating the speed of change.