Business Environment: Impact of Innovation and Technology on Lloyds Bank

Business Environment

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Background of Llyods Bank........................................................................................................3
Innovation and Technology.........................................................................................................3
Contribution of Innovation and Technology................................................................................3
Business organizations use new technologies in their operations...............................................4
Overview of the Lloyds Bank plc................................................................................................5
New Technologies and Lloyds Bank...........................................................................................5
Comparison of sales and profit....................................................................................................6
TASK 2............................................................................................................................................6
Corporate Governance.................................................................................................................6
History of the corporate governance in the UK...........................................................................6
Corporate Social Responsibility (CSR).......................................................................................7
Importance of CSR......................................................................................................................7
Four Areas of CSR by Archie Carroll..........................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Business environment is basically collection or sum of that all internal and external
factors which are impact the business goals in the both terms; positively or positively. For
Example; customers, employees, politics, supply and demand, climate change etc. Management
of the any organization is the authorized body which operates all operations and activities of the
business environment. This is also includes all strategies which management use in their business
environment for achieve decided goals. There are included business environment terms of the
Lloyds Bank plc below.
TASK 1
Background of Llyods Bank
Lloyds Bank plc is a British commercial and retail banking company, headquartered in
London, United Kingdom. It was founded in year 1765 in Birmingham, and currently it has
branches across England and Wales. Lloyds banking group is primarily focussed on commercial
and retail banking in the United Kingdom. In Britain, this bank is the largest retail bank in the
current time (Zhang, Zhao and Xu, 2016). Today the market capitalization (or market value) of
the Lloyds banking group is $56.03B. Currently 75000 employees are working in this banking
company, and this is the symbol of company expansion. Bank's market location includes
headquarter of the company is situated in 25, Gresham Street, London, UK, and company has
many other branches too, which are situated in the different places like; England, Wales,
Birmingham and Scotland. Data centres of the Lloyd banks is in Yorkshire including Sheffield,
Halifax, Leeds. In 2017, bank profits was increased 24% with the pound 5.3 billion before tax.
Next year in 2018 bank profits is 23% higher than 2017 with the pound 1.6 billion. The Lloyd
Banks plc is still on the progressive stage.
Innovation and Technology
Innovation and technology both are different terms. Innovation refers to adding or
attaching additional steps of developing new products and services in the market (De Massis,
2015). Innovators are doing deep study and research for innovation of something new products
and services. In other hand the technology is the application of scientific knowledge which
provide convenience to the all sector industries. Technological innovation refers developing new
version of the previous technological products or services.