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lloyds banking group business plan

Our strategy updates and documents back to 2011.

22 February 2023 

lloyds banking group business plan

Charlie Nunn, Group Chief Executive

"In 2022 the Group delivered robust financial performance with continued income growth. We have continued to deliver on our purpose Helping Britain Prosper whilst creating a more sustainable and inclusive future for people and businesses."

Previous years   

24 february 2022 .

"Building on our strong foundations, our purpose of Helping Britain Prosper forms the basis of our new strategy to profitably deliver for all of our stakeholders.

We will look to deepen relationships with our existing customers, both consumers and businesses of all sizes, and meet more of their financial needs by making our great products more relevant to them and our channels simpler and more personalised to use. This will set the Group on a higher growth trajectory with more diversified revenue streams, while we retain our strong focus on cost and capital discipline. Enabled by maximising the potential of our dedicated people, technology and data capabilities, our strategy represents an exciting new chapter for Lloyds Banking Group.

I am confident that the Group's purpose, customer focus, unique business model and significant competitive strengths, embodied in our ambitious strategy will ensure the Group is able to deliver higher, more sustainable long-term returns and capital generation for our shareholders, whilst meeting the needs of broader stakeholders."

Carla: It's just over six months since you joined us as CEO but longer than that since you knew you were coming to the Group. How does it feel now that you're finally here launching it and revealing the new strategy?

Charlie: Well, as you say, it's been a busy few months, few weeks since I've joined. But I have to say the primary thing I've got is I'm just excited. I'm excited that we're going to get to a position when we can start to share all of our priorities with all of our colleagues for Lloyds Banking Group going forwards. So tell us a little bit more now as we go into our new strategy, what are the areas that you think you would like the Group to take in terms of our new focus and new opportunities?

So there's a few key priorities we are laying out today. The first is we've always been a fantastic organisation in terms of having a strong purpose and being the leading financial services group in the UK. But one of the things we're doing in this strategy is we really want to make being purpose led integral to everything we're doing.

And you're going to see that our purpose around Helping Britain Prosper is started to be woven in, in a very detailed way to all of the strategies and the commercial outcomes we're committing to. So that's number one.

The second thing is a growth mindset and a pivot towards growth. And this theme of growth is something we're really excited about helping our customers access more of our great products in a more simple and personalised way.

And then finding areas within the UK consumer and business segments where we can grow Lloyds Banking Group  and then the third and fourth themes all around focus, focus on efficiency and creating the opportunity to recycle our resources for that growth.

And then finally, most important for all of us is how do we build the right organisation, culture and then talent, technology and data to enable that strategy?

And one of the things we're announcing today is a significant investment over and above our run rate investment to enable us to do that.

Carla: Tell us what was the toughest question you've had so far in preparing for this announcement?

Charlie: I think probably the hardest one has been around the cost of living, and the impacts we see for our customers.

Now, I think we've done a lot to prepare to help serve our customers and support our customers over the next 6 and 9 and 12 months.

But there's just huge uncertainty about what's going to happen. And I know there's lots of nervousness in our customers so just thinking through that, how do you respond to that question and say that we've done the most we can to prepare to support our customers.

Carla: So I'm going to pick up on a word that you mentioned a couple of times, growth. What needs to change for the group to focus on growth?

Charlie: So in summary, there are four opportunities for growing Lloyds Banking Group.

The first is for our consumer segments. It's both deepening our relationships with our existing customers and innovating to bring our brilliant products to get to our customers through our intermediaries.

The second is around creating a new mass affluent proposition that joins up across banking, protection and investments and insurance products.

The third one is around digitising our small and medium sized enterprise and business banking offering and really growing our market share in that area.

And the final one is focusing and growing around our UK linked corporate and institutional businesses with a very focused offering around cash, debt and risk management services.

Carla: Thank you, Charlie.

Charlie: Thank you Carla.  

2022 strategy update

Video | 3 mins

Hear from Charlie Nunn, Group Chief Executive and Carla Antunes da Silva, Group Strategy, Corporate Development and Investor Relations Director, on our ambitions and the next chapter of our strategy. 

Slide presentation (PDF) Presentation transcript (PDF)

24 February 2021 

lloyds banking group business plan

William Chalmers, Chief Financial Officer

″Strategic Review 2021 is the next stage of our journey and will deliver co-ordinated growth opportunities in our two core customer segments, supported by enhanced capabilities in four areas.

Strategic Review 2021 will deliver meaningful improvement for our customers and colleagues. It will also support the creation of sustainable shareholder value through revenue generation and diversification, further efficiency gains and disciplined growth.″

Slide presentation

21 February 2018 

lloyds banking group business plan

António Horta-Osório, Group Chief Executive

″Over the last six years the Group has made huge progress and has built many strong capabilities including the largest and top rated digital bank in the UK.

As we enter the next phase of our journey, our team is determined to further improve the business, enhance customer experience and deliver superior shareholder returns.

The external environment is evolving rapidly and I am confident that this exciting and ambitious plan, with the significant additional investment, will mean we remain at the forefront of UK financial services, and continue to deliver our mission of Helping Britain Prosper.″

Strategic update booklet

Presentation transcript

Breakout transcript

28 October 2014 

"Over the last three years the successful delivery of our strategy has ensured that we have become a safe, highly efficient, UK focused retail and commercial bank. 

The next phase of our strategy builds on these strong foundations to meet the rapidly changing needs of our customers, and sets out how we plan to grow the business to become the best bank for customers and deliver superior and sustainable returns for our shareholders."

30 June 2011 

"Our aim is to become the best bank for customers. We have around 30 million customers, iconic brands, including Lloyds TSB, Halifax, Bank of Scotland and Scottish Widows, and high-quality, committed people. 

We will unlock the potential in this franchise over time by creating a simpler, more agile and responsive organisation, and by making substantial investments in better-value products and services for our customers, to deliver strong, stable and sustainable returns for our shareholders. "

Announcement

Presentation slides

Internet Banking

Keep me secure

Existing customers

Find out more

International Trade Portal

Financing a sustainable future

Managing operating finance

Funding growth

Specialist finance teams

Cash deposits & liquidity management

Managing business risk

Secondary Navigation 'Corporate cards' links to /content/lloyds/en-gb/personal/business/corporate-banking/working-capital/corporate-cards

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Online services

Online for Business

Other online services

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Featured case studies

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Help and guidance

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Accessing your reporting tool

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Creating a marketing plan

An effective marketing plan is a key tool for a successful business. Writing it is a valuable discipline in getting to know and better understand your business and your market place. We can help you identify where your business is today, set your objectives, fix the budget and get your plan off the ground.

On this page

1. getting started, 2. your business today, 3. what are your objectives, 4. plan your tactics, 5. setting budgets, 6. putting your plan into action.

No marketing plan is perfect and a good plan will change and evolve. It’s great to produce a thorough plan but the most important thing is to get started:

To move your business forward, you need to understand where you’re starting from. Examine all elements of your business using a SWOT analysis (strengths, weaknesses, opportunities, threats), including:

Look at external influences on your business using a SLEPT analysis to identify the major opportunities and threats in your marketplace:

Your marketing objectives must be focused on sales and should always be SMART :

Next you need to think about how you're going to achieve your objectives. Look at the marketing mix in relation to your business to get an idea of what will work best for you:

lloyds banking group business plan

Most businesses use a mix of promotional techniques to sell their products including:

Think about what suits your target market and what's most cost-effective for your business.

Be careful to keep your marketing costs under control:

Your marketing plan will form the basis of your future business activity. It should be more than just a wish list of what you would like to happen and give details of every step of the marketing process including:

Finally, once your marketing plan is complete, don’t forget about it. Schedule regular meetings to review your progress and be ready to change your plan if you find something isn't working.

Lloyds Bank Academy

Improve your skills with our free live online sessions, delivered by an expert trainer. They are interactive and cover a variety of topics so you can get the most out of your learning.

Growing your business

Develop your growth strategy and make plans to achieve your goals.

A powerful insight platform, with practical support that helps you trade internationally with your chosen market.

Important legal information

Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH.

Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.

Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is a wholly-owned subsidiary of Lloyds Bank Corporate Markets plc. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH has its registered office at Thurn-und-Taxis Platz 6, 60313 Frankfurt, Germany. The company is registered with the Amtsgericht Frankfurt am Main, HRB 111650. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht.

Eligible deposits with us are protected by the  Financial Services Compensation Scheme  (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.

While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.

lloyds banking group business plan

Lloyds unveils new strategy backed by £4bn investment

Targeting growth as its “core focus”, Lloyds will spend around two-thirds of the £3bn earmarked for strategic investment over the next three years on diversifying revenue.

lloyds banking group business plan

Lloyds Banking Group says “successful strategic execution” is helping the business achieve its customer-focused ambitions, as pre-tax profits rose 6% to £6.9bn for the full year.

The organisation now plans to invest £4bn over the next five years in a new strategy to become a “UK customer-focused digital leader and integrated financial services provider, capitalising on new opportunities, at scale”. Lloyds wants to “deepen relationships” with existing customers by making its channels simpler and more personalised to use.

Describing this as an “exciting new chapter”, the company believes the new strategy will set the group on a higher growth trajectory with “more diversified revenue streams”. The bank says its purpose – helping Britain prosper – is driving the business model and strategic choices.

Efforts will focus on improving access to quality housing, promoting financial inclusion and education, enabling regional development and creating a more diverse workforce. Lloyds will commit to reduce the carbon emissions it finances by more than 50% by 2030, with its own operations becoming net zero by 2030.

“I am confident that the group’s purpose, customer focus, unique business model and significant competitive strengths, embodied in our ambitious strategy will ensure the group is able to deliver higher, more sustainable long-term returns and capital generation for our shareholders, whilst meeting the needs of broader stakeholders,” says group chief executive Charlie Nunn.

NatWest CMO: Speak the language of business or you’re in trouble

Describing growth as the “core focus” of the strategy, Lloyds will spend around two-thirds of the £3bn earmarked for strategic investment over the next three years on diversifying revenue.

The plan is for Lloyds to increase the depth of existing relationships with its 26 million customers by more than 5% by 2024, providing more personalised, relevant engagement.

The new strategy will also see Lloyds target a “mass affluent” audience, which the company deems an attractive and currently under-served segment. The business has identified a “clear gap in the market” for a digital-first, integrated offering combining a full set of banking, insurance and investment products.

The idea is to offer this pool of mass affluent customers – with income or wealth above £75,000 – a scale digital wealth offering and integrated banking solution.

In terms of cost savings, Lloyds is looking to reduce “central functions and office overheads” through a combination of automation, process simplification and a move to hybrid working aimed at cutting the company’s office footprint by 30% by 2024.

The bank admits delivering this strategy will require the business to build on the capabilities and new ways-of-working it has developed over the past few years, accelerating the pace at which it uses digital technologies and data to support customers.

Pushing innovation

In total, the Lloyds Banking Group boasts 26 million “customer relationships” and more than 18 million digitally active users, making it the UK’s “largest digital bank”.

Lloyds wants to increase its digitally active customers by more than 10% by 2024 to in excess of 20 million customers, leaning into its data and analytics capability to deliver personalised engagement, offers and pricing.

Over the past year, Lloyds says it has succeeded in strengthening its digital offering and attaining “record levels” of customer satisfaction, with its all-channel net promoter score maintained at 69 for the year.

The bank achieved 60% growth in SME products originated via digital compared to the previous year, driven by “increased digital marketing and improved client journeys”.

The business highlights its rate of innovation, including “record mobile app releases” up 180% on previous years. These digital innovations include becoming the first high street bank app to allow the management of third-party subscriptions and setting of variable contactless limits.

Lloyds also points to its desire to support families through the launch of a children’s banking and savings proposition, as well as its “strengthened” current account proposition. Halifax is now the most switched to bank in the UK, the business reports, following the launch of its current account switch service.

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As the business builds to a potential IPO, Starling Bank’s top marketer believes it is “more important than ever” that consumers understand the brand’s mission and values.

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Why lloyds banking group's business model is so successful.

lloyds banking group business plan

Lloyds Banking Group business model canvas

lloyds banking group business plan

Lloyds Banking Group’s Company Overview

Lloyd's Banking Group plc., incorporated on October 21, 1985, provides Financial services to individual and business customers in the United Kingdom but also overseas. The company's business activities include retail and commercial banking, long-term savings, protection, and investment. The company offers services through various brands, including Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows, through a range of distribution channels in the United Kingdom and digital proposition. The company's segments include Retail, Commercial Banking, Consumer Finance and Insurance.

Country: London

Foundations date: 1985

Type: Public

Sector: Financials

Categories: Financial Services

Lloyds Banking Group’s Customer Needs

Social impact:

Life changing: heirloom

Emotional: provides access, reduces anxiety, rewards me

Functional: makes money, saves time, avoids hassles, simplifies, reduces effort, quality

Lloyds Banking Group’s Related Competitors

Lloyds banking group’s business operations.

Cross-selling:

Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.

A brokerage firm's primary responsibility is to serve as a middleman, connecting buyers and sellers to complete transactions. Accordingly, brokerage firms are compensated through commission once a transaction is completed. For example, when a stock trade order is executed, a transaction fee is paid by an investor to repay the brokerage firm for its efforts in completing the transaction.

Cash machine:

The cash machine business model allows companies to obtain money from sales since consumers pay ahead for the goods they purchase, but the costs required to generate the revenue are not yet paid. This increases companies' liquidity, which they may use to pay off debt or make additional investments. Among several others, the online store Amazon often employs this business model.

Culture is brand:

It requires workers to live brand values to solve issues, make internal choices, and provide a branded consumer. Developing a distinctive and enduring cultural brand is the advertising industry's holy grail. Utilizing the hazy combination of time, attitude, and emotion to identify and replicate an ideology is near to marketing magic.

Customer data:

It primarily offers free services to users, stores their personal information, and acts as a platform for users to interact with one another. Additional value is generated by gathering and processing consumer data in advantageous ways for internal use or transfer to interested third parties. Revenue is produced by either directly selling the data to outsiders or by leveraging it for internal reasons, such as increasing the efficacy of advertising. Thus, innovative, sustainable Big Data business models are as prevalent and desired as they are elusive (i.e., data is the new oil).

Best in class services:

When a firm brings a product to market, it must first create a compelling product and then field a workforce capable of manufacturing it at a competitive price. Neither task is simple to perform effectively; much managerial effort and scholarly study have been dedicated to these issues. Nevertheless, providing a service involves another aspect: managing clients, who are consumers of the service and may also contribute to its creation.

Brands consortium:

A collection of brands that coexist under the auspices of a parent business. The businesses in this pattern develop, produce, and market equipment. Their strength is in copywriting. Occasionally used to refer to a short-term agreement in which many companies (from the same or other industrial sectors or countries) combine their financial and personnel resources to execute a significant project benefiting all group members.

Cross-subsidiary:

When products and goods and products and services are integrated, they form a subsidiary side and a money side, maximizing the overall revenue impact. A subsidiary is a firm owned entirely or in part by another business, referred to as the parent company or holding company. A parent company with subsidiaries is a kind of conglomerate, a corporation that consists of several distinct companies; sometimes, the national or worldwide dispersion of the offices necessitates the establishment of subsidiaries.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Ingredient branding:

Ingredient branding is a kind of marketing in which a component or ingredient of a product or service is elevated to prominence and given its own identity. It is the process of developing a brand for an element or component of a product in order to communicate the ingredient's superior quality or performance. For example, everybody is aware of the now-famous Intel Inside and its subsequent success.

Orchestrator:

Orchestrators are businesses that outsource a substantial portion of their operations and processes to third-party service providers or third-party vendors. The fundamental objective of this business strategy is to concentrate internal resources on core and essential functions while contracting out the remainder of the work to other businesses, thus reducing costs.

Self-service:

A retail business model in which consumers self-serve the goods they want to buy. Self-service business concepts include self-service food buffets, self-service petrol stations, and self-service markets. Self-service is available through phone, online, and email to automate customer support interactions. Self-service Software and self-service applications (for example, online banking apps, shopping portals, and self-service check-in at airports) are becoming more prevalent.

Private level banking:

Private label banks allow any business with a sizable client base, brand, or unique technological solution to operating as a private label bank. Private banking refers to the customized financial and banking services to its affluent high net worth individual (HNWI) customers. HNWIs generally have more money than ordinary individuals, enabling them to access a broader range of conventional and alternative assets. Private banks' goal is to connect such people with the most suitable alternatives.

Finance get makeover:

Expand your company, acquire money, overcome obstacles, implement your plans, and achieve more success. Financial modeling is how a business creates a financial representation of part or all of the firm's or security's economic characteristics. Typically, the model is defined by its ability to conduct computations and offer suggestions based on the results.

The item that's being sold is now available for rent on an hourly/daily/monthly/yearly basis. A lease is a contract that specifies the terms under which one can rent a property. It ensures the lessee, the tenant, access to an asset, and the lessor, the property owner or landlord, receives monthly payments from the lessee for a predetermined period of months or years. Both the lessee and the lessor risk penalties for breaching the contract's conditions.

Innovative retail banking model:

The design has no resemblance to a bank but more to a coffee shop. There is free wifi and a large number of iPads accessible for internet use. Automated teller machines (ATMs) are located around the perimeter of the coffee shop, allowing customers to conduct financial transactions. The workforce consists of a mix of coffee shop patrons and banking personnel who circulate and make themselves accessible. If you need services not available through an ATM, fully trained bank personnel can offer all services typically available at a conventional bank branch.

The lock-in strategy?in which a business locks in consumers by imposing a high barrier to transferring to a competitor?has acquired new traction with New Economy firms during the last decade.

Solution provider:

A solution provider consolidates all goods and services in a particular domain into a single point of contact. As a result, the client is supplied with a unique know-how to improve efficiency and performance. As a Solution Provider, a business may avoid revenue loss by broadening the scope of the service it offers, which adds value to the product. Additionally, close client interaction enables a better understanding of the customer's habits and requirements, enhancing goods and services.

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Success Story

Lloyds Banking Group: Supporting Apprentices in an Era of Hybrid Work with Innovative Learning Game

July 11, 2022

In partnership with Lloyds Banking Group, Kaplan helped develop a gamified learning experience to make meaningful apprenticeships possible from the home office.

About lloyds banking group.

The largest retail and commercial financial services provider in the U.K., Lloyds Banking Group (LBG) supports more than 26 million customers through a family of staple brands, which include Lloyds Bank, Halifax, and the Bank of Scotland, among others. 

Led by a brand purpose of Helping Britain Prosper, the firm has earned a reputation for innovative thinking and social responsibility, making significant contributions to efforts in Environmental, Social, and Governance (ESG) and small business support.

At the heart of LBG’s success is its human talent, including the development and training of apprentices. These are both colleagues who are expanding their skill sets and new-to-bank talent who join the LBG team to gain valuable experience in the workplace or earn a professional qualification.

Since 2017, Kaplan has played a key role in fostering these apprentices, providing programs for LBG’s financial services, accountancy and tax, and digital colleagues. These arrangements can lead to full-time hires and serve a valuable role in providing a diverse, resilient pipeline of new employees into the bank.

A Global Challenge

As LBG adapted to new ways of working during the COVID-19 pandemic, it recognized the impact closures could have on the apprentice learning experience: With in-person work on hold, so too went the water cooler conversations, in-person learning, and moments of connection that define an apprentice’s first weeks at the bank.

Questions loomed: Would apprentices thrive without in-person connection? How would retention fare without the bonding and camaraderie of face-to-face learning? How could LBG support the well-being of apprentices entering the workforce at such a high-stress time?

Working closely with LBG's apprenticeship team, and in collaboration with Virginia-based simulations developer Interpretive Solutions, Kaplan created a bespoke learning game that secured this valuable program’s success, bolstered the skills of every apprentice involved, and cultivated a sense of unity across teams—even at an unprecedented distance.

The Path to a Solution

Five years of fruitful partnership with LBG equipped the Kaplan team to power rapid, efficient transformation for the organization. Together, the teams identified the opportunity in a learning game, outlining the strategic imperatives that would make it successful for LBG. The solution would:

Support learning for new apprentices working remotely

Foster connections between apprentices and encourage productive networking

Develop essential professional skills and habits in a safe environment

Instill LBG’s values in new team members

Provide the freedoms of play

Ultimately, retain the apprentices by providing a meaningful experience

Meet BizCafé

An interactive business learning simulation, BizCafé builds professional skills among learners by challenging players to run their own virtual coffee shop. Players hone their decision-making skills by working together to navigate the intricacies of a service-based business, including management, marketing, and accounting operations.

Backed by Kaplan’s extensive pedagogical experience, and through close collaboration with BizCafé developer Interpretive Solutions, Kaplan expanded the game into a custom, 6-week course—delivered by Kaplan’s expert skills tutors—that is strategically aligned with the unique needs of LBG apprentices and the organization's internal values. This enhanced BizCafé experience was presented to LBG in June 2020—mere months after the U.K.’s pandemic shutdown.

“Playing the BizCafé game had more of a lasting impact on my skills development than a 2-day traditional skills training course would have had.”

Launched as a pilot in October 2020, the BizCafé solution was received with praise from learners and leaders alike and has even outperformed traditional apprenticeship efforts.

“The game created a real buzz amongst the apprentices and it’s had a positive impact on their confidence, skills, and creativity—resulting both in immediate and long-term measurable benefits for the business. All participants are continuing to flourish and make good progress in their apprenticeship and career with LBG.” — Kathryn Marshall, Senior Manager Apprenticeships, Lloyds Banking Group

Notably, the solution has had a demonstrable impact on retention: Of the 57 apprentices involved in the game’s pilot, all of them remained at the bank one year later. Two BizCafé games with additional groups of apprentices ran in 2021, again with high participant retention, and another intake of apprentices is planned for 2022.

A Hit with Apprentices

Of learners said the BizCafé game was enjoyable.

Could demonstrate improvements in their skills and behaviors.

Said BizCafé improved their creativity and ability to add value.

Said BizCafé improved their problem-solving and resilience.

Said BizCafé improved communication skills and team relationships.

Said BizCafé improved their team’s collaborative skills.

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Lloyds banking group: supporting apprentices in the era of hybrid work with an innovative learning game.

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COMMENTS

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