Impact of Technology and Innovation on Sales, Profit, and Operations of Lloyds Bank

BUSINESS ENVIRONMENT

Executive summary-
In current study is has been analyzed that by switching towards ethical business practices
Lloyads Bank Plc sustain for longer within banking sector. Mobile banking and MICR
technology or innovation helps bank to increase their productivity, enhance operational
efficiency and satisfy consumers.

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Impact of technology and innovation on sales, profit, operations and growth of company........3
TASK 2............................................................................................................................................6
Significance of CSR.....................................................................................................................6
Archie Carroll’s CSR model in context of firm...........................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
The current study is based on Lloyds Bank which operate its business in UK since for so
long. This study explains innovation and technology impact on business sales, progress and
operations. Furthermore, it also justified CSR importance for company and clarify Archie
Carroll’s CSR model in context of bank.
TASK 1
Impact of technology and innovation on sales, profit, operations and growth of company
Innovation, it the procedure of translating an invention or idea into products or services
that creates values for consumers (Varadarajan, 2018). It takes place through provision of more
efficient goods, business models, processes, services or technologies that are made accessible to
governments, community and markets. It includes deliberate application of imagination, info and
initiatives in offering better or essential values from resources and also involves all procedures
by which new concept are created and converted into useful items. Innovation is key component
of organizations progress and long term success.
Technology, is another driver of business growth it drive management towards achieving
competitive benefits. Technology changes enhance productivity level of businesses and also aid
to strengthen their brand image within specific marketplace (Carroll, 2017). It play vital role in
delivering quality products or services to specific target market set by a big multinational
company, it also contribute in economic growth. In context of business, this driver caters a faster,
more effective and more convenient way of performing business transactions. Some of action of
this element in companies includes accounting systems, point of sales programmes, management
information systems and other complicated but beneficial tools.
Lloyds bank Plc is one of the best British commercial and retail banks with many
branches across Wales and England. It considered as one of the large four cleaning banks in UK,
founded by Taylors & Lloyds in 1795. It is the biggest retail bank in nation and has an extensive
connection of branches as well as ATM arrange for their consumers to be offered by Bank of
Scotland Branches in Scotland and Halifax branches in Vice & Northern Ireland and serve 24