Impact of Innovation and Technology in Lloyd Banks

COURSEWORK

TABLE OF CONTENT
INTRODUCTION.......................................................................................................................................3
TASK 1.......................................................................................................................................................3
Impact of innovation and technology.......................................................................................................3
TASK 2.......................................................................................................................................................5
Importance of Corporate Social Responsibility.......................................................................................5
Archie Carroll’s CSR Model...................................................................................................................7
CONCLUSION...........................................................................................................................................9
REFERENCES..........................................................................................................................................11

INTRODUCTION
It is very essential for businesses to understand the environment in which their company
is operating in so that improvement and planning can be done accordingly. The businesses are in
the market to earn profit and market share which is only possible when the customers are
satisfied. Lloyd banks have more than 45,856 employees working in the organization and their
headquarters is in London. The report is going to cover the impact of technology and innovation
in the organization and the importance of corporate social responsibilities. There is also going to
be a discussion on Archie Carroll’s CSR Model in the further report.
TASK 1
Impact of innovation and technology
There are a lot of improvements which have come in the market which is why it is very
essential for Lloyd banks also to get innovation and technological changes in the organization so
that there is a better functioning (Ehie, 2016). There are a lot of changes which are visible in
Lloyd banks over years in the market according to the customer’s needs and expectations from
the organization. Lloyds is proving the customers with the best of sources for funding which is
making a lot of clients get attracted to this organization.
 Operations
There is a change in the technological aspect in the market for the financial sector industry as
well which is why the company has got in a technological change in the company so that they
can get a competitive advantage which is a very essential factor for the organization. The sales
have increased in the organization because of the services which have been added because of the
technological changes in the organization which is a very essential factor. The information which
is required by the customers is being delivered to them on time and in a safer form which is why
the customers can have a better trust with the organization (Petrescu and Petrescu-Mag, 2016).
This is adding a lot of advantage to the organization which is good for the functioning of the
organization. The main focus of the organization is to increase the satisfaction level of the

customers which done by the digitalization in the company which is even being promoted by the
organization by the medium of campaigning. There are cost friendly innovations which are
taking place in Lloyd Banks which is making the company have a great advantage for a long and
successful run in the market.
 Sales
Due to digitalization in the organization the sales of sourcing of financial help is increasing
and there are more clients which are coming in the organization. The operations of the industry
has increased over years because of technological and innovations which have been done (Safar
and et.al., 2018). It is because of the performance of the bank in the market there is a huge
popularity which the organization has gained over years and the competitors can not compete
with the organization. Information technology is also being used in this bank so that the
information of the customers is safe and secured by the organization them. This is helping
Lloyds Bank take better decisions for them for a long run in the market which is a very essential
factor since the banks numbers are increasing in this industry. The demand of the customers is
security and safety which is being provided to them. The customers do not have to wait for
assistance in the organization and can directly find better solutions for themselves which is a
great factor for the organization. It is with the help of technology there is a lot of time
consumption and there are better decisions which are being taken in the organization which is a
very essential factor (Wang and et.al., 2016). The quality of the services and the products of
Lloyds bank are also improving with the help of innovations and technological aspect of the
organization which is a great factor for the organization.
 Profits
It is because of the technological changes in the company the net income profit of Lloyds
bank has increased to £4.3 bn in the year 2019 which is a lot more than the last year. There is a
use of latest technology and innovation by the employees in the company so that there is a better
growth in the organization. There are a lot of events which are being held by the bank which is
helping the company to aware the customers, the quality improvement which is taking place and
the services for the customers as well has to be communicated to the customers so that the
company can have higher profit margins. It is because of the technological changes in the