Lloyds Banking Group plans to sell anonymised customer information

Lloyds Banking Group aims to reinvent itself as the UK’s largest fintech by automating governance and expanding the sale of customer data. Under a strategy titled Technology Strategy 3.0, the lender plans to reduce annual IT costs by hundreds of millions of pounds by 2028. This follows £1.5 billion in technology savings achieved between 2021 and 2025.

Internal documents from the group’s chief technology officer, Vic Weigler, outline plans to commercialise anonymised information from its 28 million customers by selling it to third parties. The move comes only months after Lloyds was criticised for using anonymised staff bank account data in union pay negotiations. This expansion is intended to create new revenue streams beyond traditional banking. Additionally, the bank will replace manual compliance checks with real-time automated controls, though some human oversight will remain. The overhaul also involves closing hundreds of internal applications and increasing the proportion of staff in data and technology roles to achieve a 35 per cent cost reduction compared to 2021 spending levels.

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