Lloyds Banking Group (LBG) delivers its Innovation Sandbox

LONDON, Oct. 20, 2022 /PRNewswire/ -- Lloyds Banking Group (LBG) has today announced the launch of its Innovation Sandbox with support from NayaOne. The Innovation Sandbox will accelerate Lloyds Banking Groups' collaboration with Fintechs and improve the digital products and services it offers to customers.

Several experiments have already been conducted on the Sandbox, allowing various parts of the Group to collaborate with potential partners at pace and to shape product development together. The Innovation Sandbox will increase the velocity of technology-led innovation in supporting LBG's growth strategy.

"We are extremely proud to be working with Lloyds Banking Group on their Innovation Sandbox. It is clear this will enable the bank's growth strategy through technology-led innovation, strengthen the UK financial ecosystem and deliver on the Fintech Delivery Pledge." Karan Jain, CEO NayaOne

Using the NayaOne platform financial institutions are able to run multiple proof-of-concepts with fintechs in weeks, 75% quicker than the industry norm of many months.

NayaOne is a leading global provider of innovation infrastructure and is a trusted transformation partner to leading financial institutions across the ecosystem. The NayaOne platform provides firms with an end-to-end innovation infrastructure, enabling them to evaluate rapidly and develop new digital offerings using emerging technologies and fintechs.

NayaOne revolutionises innovation in financial services. We provide banks with a single point of access to hundreds of fintechs and datasets, through our Digital Sandbox and Fintech-as-a Service offering. Regulated firms are able to discover, build, evaluate and scale with fintechs in a matter of weeks instead of months.