Lloyds Banking Group plots digital overhaul amid return to profit

Lloyds Bank: 'it's on me' campaign
Lloyds Bank: 'it's on me' campaign

Lloyds Banking Group is looking to prioritise the development of "digital capabilities" over the coming 12 months, after reporting its first annual profits in six years.

The company, which owns the Lloyds Bank, Halifax and Scottish Widows brands, said it intends to increase investment in digital propositions to ensure it delivers its products to customers "through the channels they prefer".

To "capitalise" on its achievements to date, Lloyds has created a new Digital, Marketing and Customer Development function to "focus [its] investment and ensure [its] success in retail is replicated by sharing digital product development across all divisions".

The bank said it has over 10.5 million active internet banking users, as well as four million customers who regularly use mobile banking services.

It comes as Lloyds today reveals an annual profit for the first time since being nationalised in early 2009. The bank reported full-year profits of £415m for 2013, a turnaround from its loss of £606m in 2012.

Spending on advertising and promotions remained consistent at £313m in 2013, down slightly from £314m in 2012. The bank also announced it was to increase its employee bonus pool to £395m, up from £365m the previous year.

Lloyds Banking Group chief executive António Horta-Osório said: "Over the last three years we have reshaped, strengthened and simplified our business to create a low-risk efficient retail and commercial bank that is focused on our customers and on helping Britain prosper.

"Looking ahead, we see a range of opportunities to grow our business with both retail and commercial customers, supported by our revitalised Lloyds Bank and Scottish Widows brands, and the good momentum we have in our Halifax challenger brand and in Bank of Scotland."

Discussion

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Brand Republic Jobs

subscribe now

Latest

Oasis #springasmile digital campaign gets people doing good deeds
Coca-Cola: 'Don't approach bloggers with a fait accompli'
Tesco CMO Matt Atkinson: 'It is so important not to stereotype mothers'
McDonald's gives Ronald a new look ahead of global 'Fun times' social media push
In pictures: BrewDog opens first craft beer shop BottleDog for 'beer aficionados'
Facebook ad revenue leaps $1bn as it invests in targeting
Malteser or Maltesers? Mars takes Hershey trademark dispute to court
Apple Q2 profits top $10bn as iPhone sales soar
Lynx tells men not to leave love to fate
HBO captures awkwardness of watching sex scenes with parents
Primark to open first US stores with Boston chosen as flagship location
Marketing spend on the up but a reality check is needed before celebrating
Top 10 ads of the week: Jackpotjoy and BT Broadband fend off Kevin Bacon
Lidl beats Tesco to 10m Facebook fans
Center Parcs ad banned for encouraging parents to take kids out of school
Coca-Cola, Cadbury and Amazon named top brands for targeting youth market
Leaked document shows Nokia to be rebranded as Microsoft Mobile
Nike lays-off hardware staff in move that casts doubt on future of FuelBand
Greenpeace says save the bees or humans will die
What brands need to know about changes to VAT and online downloads in 2015
Jimmy Savile victims urged to claim compensation in new ad campaign
UKIP launches biggest  ad campaign and stirs up 'racist' accusations
Apple boss Tim Cook provides voiceover on ad touting firm's renewed green commitments
John Lewis walks consumers through its history to celebrate 150 years of business
Waitrose boosts content strategy with 'Weekend Kitchen with Waitrose' C4 tie-up
Hottest virals: Cute puppies star in Pedigree ad, plus Idris Elba and Fruyo
Amnesty International burns candles to illuminate new hope
Tom of Finland's 'homoerotic' drawings made into stamps
Toyota achieves the impossible by calming angry Roman drivers
YouTube reveals user habits to appeal to 'older' marketers