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Vilmos Lorincz

Vilmos Lorincz, Managing Director, Data and Digital Products, Lloyds Banking Group

Describe your career to date 

I started to work at a think tank while studying economics at university and co-founded a consultancy focusing on the future of the Internet. We helped telcos, big techs and the Hungarian government with research, data, analytics and insights on broadband infrastructure, mobile, information society, ecommerce and new business models. 

 

Ten years and many projects later I wanted to see more of the world so I did an MBA in London and in Shanghai and following that I worked at a large international mobile operator as an in-house product development and pricing consultant. 

 

I joined Lloyds at a time when all my focus topics started to become increasingly relevant in banking, so for the first few years I helped shape digital and broader company strategy to learn about the business. I saw the pace of change accelerating for both digital transformation and data technologies and I decided to broaden my data domain experience beyond analytics. 

 

I volunteered to lead GDPR compliance delivery and following that I worked on the transformation of the enterprise-level data services function and collaborated with the chief data office on data strategy, management and culture. When the opportunity to build a completely new business that provides data services for clients came up I jumped at it. 

 

I feel I’ve already had a thrilling journey from entrepreneurship to intrapreneurship and it has taken me to places across continents I would have never imagined. The most exciting thing is that for all things data we are just getting to the end of the beginning.

What stage your organisation has reached on its data maturity journey?

Transforming our data capabilities has been a focus area for many years, we appointed our first chief data officer almost ten years ago and the organisation is well progressed as a result. We have had decisive success in some areas and we have a clear view on how we will realise our longer term ambitions. 

 

Tell us about the data and analytics resources you are responsible for

My team has great talent from different job families of the data universe to make sure we create outstanding data products and services for corporate clients. Data analysts, data engineers and visualisation specialists work together with strategists, researchers, user interface and user experience experts and front end developers to make sure we deliver best in class solutions in an agile fashion. Our operating model is also designed to support this outcome, the business has an aligned engineering platform with links into group level centres of excellence. 

What challenges do you see for data in the year ahead that will have an impact on your organisation and on the industry as whole?

2023 is a pivotal year for the organisation when it comes to the industrial scale use of cloud technologies for data and analytics, so we have a strong focus on execution in this space. 

 

The challenge for the industry is to figure out how to embrace the changing customer sentiment towards data. In addition to expecting seamless digital journeys that cut across industries and organisational boundaries, customers are fast becoming aware of the value of their data. They want more control around how their data is being used and also want more transparency. This will drive the open banking to open finance and open data discussion.

Have you set out a vision for data? If so, what is it aiming for and does it embrace the whole organisation or just the data function?

Of course, we are looking to maximise ecosystem level value release by transforming our data assets into products and services for our institutional, corporate and commercial banking clients in a safe secure compliant and ethical way. In an open data environment, most organisations will have to have this as a core capability. 

 

Have you been able to fix the data foundations of your organisation, particularly with regards to data quality? 

Increasingly sophisticated use cases will require stronger and stronger foundations so the area constantly needs to stay in focus. We have been methodically improving data quality across the estate by mapping and understanding where we are and carefully prioritising action, based on importance, impact and risk. 

Vilmos Lorincz
Vilmos Lorincz
has been included in:
  • 100 Brands 2022 (EMEA)
  • 100 Brands 2023 (EMEA)