Despite announcing waves of IT job cuts, Lloyds is refusing to pull back on its digitisation plans.
Lloyds recently announced that it was planning to cut 250 IT jobs, but it has also assigned £3 billion to a digital transformation plan to “drive additional operational efficiencies”.
It said that it would spend the money on improving its technology infrastructure and services over the next three years to become a “digitised, simple, low-risk, customer-focused, UK financial services provider” by implementing new digital technologies.
The plans include the “simplification and progressive modernisation” of its data and IT infrastructure.
António Horta-Osório, group chief executive at Lloyds, said the investment would ready the firm for success in the digital age.
“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”, he said.
“As we enter the next phase of our journey, our team is determined to improve the business further, 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.”
