Bdaily Tech Week 2021: Lloyds Bank's Darren Cable on the "rapidly-evolving world" of technology

As part of Bdaily’s Tech Week 2021, we spoke to Darren Cable, London area director for media, technology & creative industries at Lloyds Bank about his role, how the pandemic has impacted the UK’s tech sector and what the future looks like for digital industries.

Firstly, can you describe your job role and what role you have in the tech community

“My role is to support London tech businesses to achieve their growth ambitions.

“As area director, I lead a team of six relationship managers and directors and am heavily involved in Lloyds Bank’s proposition planning for the sector, supporting our team on the ground and working with founders, intermediaries and professionals in the London tech community.”

How has the pandemic affected the tech sector?

“Like all sectors, the tech industry experienced its fair share of disruption during the early months of the pandemic, but, in many ways, Covid-19 has showcased the sector’s resilience and innovation.

“We’ve seen the tech businesses we support adapt quickly to remote working, calling on existing strengths in areas such as cyber security and telecoms. Thankfully, this infrastructure and software has largely remained stable over the last 18 months.

“One of the biggest challenges for the sector has been the delay to client projects, with many firms in hard hit sectors like retail and hospitality pausing plans for investment in new technology.

“Throughout the pandemic, we have also spoken to tech businesses that have been forced to diversify to meet the requirements of a changing external landscape or refocus certain areas of their operations.

“Overall, with talk of further lockdowns now seemingly behind us for the time being, confidence within the tech sector is high.

“Management teams have been bolstered by their company’s performance through a challenging period, and strong investor appetite for the sector has been illustrated by the high volume of private equity deals and IPOs so far this year.”

What has been the biggest challenge for you over the past year?

“Like many businesses, we had to adapt to remote working and collaboration.

“Face-to-face engagement with our customers, getting to know management teams, building relationships and exploring how we can support them has always been key, so we are enjoying being able to get out across the sector once more.”

How has Lloyds Bank been supporting the sector?

“At the start of the pandemic, our team of sector-dedicated relationship managers and directors were solely focussed on engaging with all of our tech clients, to work through the challenges of the lockdown together.

“We also provided additional funding to support businesses throughout the disruption, where needed, and granted waivers and other flexible terms within financing arrangements such as capital repayment holidays.

“And then, as management teams got to grips with the new environment, discussions turned towards growth finance, including M&A and working capital lines, the recruitment and retention of staff, and wider support discussions including business investment, employee benefit schemes, and sustainability.”

What does the future hold for the tech sector?

“We see the tech sector as a key strength for UK PLC and there remains significant growth potential for the future.

“There is a high level of funding available, including from venture capitalists, alternative lenders, IPOs and, of course, banks.

“We operate in a rapidly-evolving world where tech permeates and drives change across the board, and we do not see this abating.

“The move to the cloud, for example, is the first step on a journey where the interpretation and seamless application of data is critical to business performance, and firms remaining relevant and competitive, and the tech sector will of course play a leading role in this.”

What plans does Lloyds Bank have going forward?

“We want to continue to both support the London tech sector and play our part in its positive impact on the city’s economy.

“We have a number of initiatives in place to do this and to gain insight from the market. One of these is in our role as a member of Tech London Advocates.

“We will continue to be by the side of businesses across the sector, from startups to large corporates, and to be a key player in the tech community not just in London, but nationally.

“We have an offering that can support tech companies through the growth cycle as their needs evolve and sophistication increases.”

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