Lloyds bank is drawing out plans for a three year, £1 billion make over of its technology on its digital sites.
The plans come on the heels of Lloyd’s recently announcing a profit jump up to £6.9 billion from last year.
It also comes as UK consumers are being increasingly drawn towards a digital experience within payments and banking, as trends embraced during the pandemic look set to be retained as we emerge into a new normal.
New Chief Executive Charlie Nunn outlined plans which will involve Lloyds focus on developing its online applications, boosting consumer engagement through better utilisation of data.
Nunn spoke on Lloyd’s performance last year and what they set out to achieve in 2022.
Nunn commented: “2021 has been a year of solid financial performance with successful strategic execution, ongoing investment and continued franchise growth.
“This has enabled the group to deliver on its customer focused ambitions, as set out in strategic review 2021, as well as helping Britain recover during the pandemic. It has also enabled the group to offer high levels of capital return to our shareholders.”
The planned makeover of the bank’s digital interface allows SME’s to prosper through merchant services, as well as trade and cash flow lending.
It’s a move that may well be regarded as a positive one for UK SMEs, given the challenging economic climate within the region off the back of the pandemic.