Impact of Innovation and Technology on Lloyds Bank PLC

Lloyds Bank PLC

EXECUTIVE SUMMARY
Innovation and technology are the most crucial aspect for an organisation as these highly
contributes in its growth and success and provides it competitive advantage over rivals in market.
Lloyds Bank PLC is one of the well known commercial and retail bank of Britain that employs
technology and innovation in its business processes. Innovative tools like selfie technology and
Thought machine assists in improving customer base and profitability of business. Corporate
governance and CSR are two most crucial aspects in which an organisation requires to engage in.
Archie Carroll’s CSR model define four responsibilities of organisation that it needs to follow
for attaining sustainability in market.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BDODY................................................................................................................................4
TASK 1............................................................................................................................................4
1. Different types of innovation and technology and the way they have impacted the economic
progress of the country...........................................................................................................4
2. Impact of innovation and technology on operations, sales and the profits of chosen
company.................................................................................................................................5
TASK 2............................................................................................................................................7
1. Significance of Corporate Social Responsibility (CSR) for the organisation....................7
2. Application Archie Carroll’s CSR model to the organisation............................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Business environment refers to the collection of intrinsic and extrinsic factors that
impacts on functioning of business. Consideration of these forces helps company in running its
activities and operations successfully. In today's competitive world, creativity, innovation and
technology plays very crucial role in success of an organisation (Aithal, 2016). In this report,
chosen organisation is Lloyds Bank PLC which is a leading retail and commercial bank of
Britain. The bank was established in year 1765, around 254 years ago and its headquarters is
located in London, United Kingdom. This report covers different types of technology and
innovation and their impact on economic progress of nation. Moreover, influence of innovation
and technology on sales, growth and profits of company is assessed. At last, the report includes
significance of corporate social responsibility for organisation and application Archie Carroll’s
CSR model in context of Lloyds Bank PLC.
MAIN BDODY
TASK 1
1. Different types of innovation and technology and the way they have impacted the economic
progress of the country
Innovation and technology:
Innovation is the process of converting idea into solution or product that adds value from
the perspective of customers. It is all about the application of novel and useful ideas and involves
deliberate execution of imagination, initiative and information in deriving distinct or greater
values from resources as well as involves all the procedures through which new ideas are
developed and transformed into utile products and services (Chang, 2016).
Technology refers to the sum of skills, methods, techniques and procedures which are
utilized in the manufacturing of products or services or in attainment of particular goals and
objectives like scientific investigation. It is the implementation of scientific knowledge to
practical intent to human life (Technology, 2019).
Contribution of innovation and technology to economic growth of country:
In terms of economy, innovation is the creation and execution of technologies and ideas
that enhance products or services or make the production more effective and efficient. Innovation
is significant driver of economic growth that benefits businesses, economy and consumers as a