Lloyds Banking Group is to install ING technology chief Ron van Kemenade as its new chief operating officer.
A 20-year ING veteran, van Kemenade was the first chief technology officer at ING, promoted from CIO, where he was instrumental in pivoting the Dutch bank's business as a data-driven digital bank.
He will join Lloyds in June 2023 and will be responsible for driving the technology and data strategy and leading the technology teams in line with a new strategy and reorganisation announced by CEO Charlie Nunn earlier this year. The role includes overseeing the recently created chief information officers which support the technology transformation across the new business units.
The reorganisation will entail spending £1 billion over the next three years on overhauling the UK bank's technology infrastructure and self-service capabilities.
The long-term strategy involves porting 20% of its applications to the cloud by 2024 and decommissioning over 15% of legacy applications.
The initiative comes after a leaked video emerged late last year of a senior Lloyds executive complaining about the age of its on-site technology describing it "not fit for purpose".
Nunn says Lloyds wants to increase its digitally active customers by more than 10% by 2024 to in excess of 20 million, by adopting an agile software delivery method and using data and analytics to deliver personalised engagement, offers and pricing. The bank currently boasts 26 million “customer relationships” and more than 18 million digitally active users
Says Nunn: “This is a pivotal role for our business given the pace of tech innovation and the importance of technology and data as a key enabler to helping us deliver our long-term growth strategy."
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