Internal Red Tape Often Hinders Banks' Transformations, Lloyds Banking COO Says -- Market Talk

Dow Jones03-10

1712 GMT - Transforming an organization is almost more about addressing the internal bureaucracy than adapting customer-facing processes, Lloyds Banking Group's COO says at the MoneyLIVE Summit in London. For example, it took 93 steps to bring a data product to life at Lloyds, with 27 of them technical in nature while the rest were governance steps, says Ron van Kemenade. "Its almost a miracle if you get something into production," he says. The lender is the U.K.'s largest digital bank with 2.2 million active digitally active customers, the COO says. Lloyds aims to deliver on its transformation mission by continually updating its operating model and implementing changes from the top. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

March 10, 2025 13:12 ET (17:12 GMT)

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