Lloyds And The Search For A Fintech 'Czar'

New technology's potential to disrupt the financial services sector has Lloyds Banking Group PLC (ADR) LYG in London looking for a fintech "czar."

The bank is searching for a "Head of Fintech Discovery" as part of its three-year, £1 billion digital transformation plan, according to Business Insider and the company's careers webpage.

According to the job description, the new role will "focus on initiatives to drive opportunities for innovation and FinTech in Lloyds Banking Group."

Furthermore, the new head of fintech will look to make partnerships and "spot patterns of potential investments" in London's fintech scene.

Related Link: Banking Disrupted: The Future Of Fintech And The Banking Industry

Lloyd's new fintech czar must have a "solid understanding of the London FinTech sector," according to the listing, and also possess significant relationships within the industry. The salary offered is between £81,000–109,200, including a "range of flexible benefits to suit your lifestyle."

"Technology in all walks of life is driving different expectations from customers for their banking services – we need to respond to this. Our challenge is to understand what is happening in our industry, what forces are shaping the future of banking and how we can respond to these opportunities and solve real customer problems." a Lloyds Spokesperson said.

More and more banks are open to partnering with fintech startups that could potentially transform the financial services industry.

There are an estimated 12,000 fintech companies out there, which are expected to capture approximately 17 percent of bank revenue by 2023.

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