Impact of Technology and CSR on Lloyds Bank

Business Environment
Lloyds Bank. Plc

Executive Summary
Business environment is change according to the changes in internal and
external environment. This report carries the changes adopted by the Lloyds Bank
in UK in terms of innovation and advanced technology. They implement new
infrastructure and shifted to digital platform. It consists the challenges and issues
faced by the bank after adopting the ICT.
Further this report has idea about corporate social responsibility paying by
the bank with the use of Archie Carroll's CSR Model. Its implementation on the
bank and how the bank manages to operate the banking operations.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Impact of advancement in technology and innovations on the Lloyds bank which help them to
increase in revenue and sales. .....................................................................................................4
Importance of corporate social responsibility (CSR)...................................................................8
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Business Environment is all about the influence of the external and internal factors on the
business. It leads the business to profitability or losses as well. Lloyds bank in UK working in
commercial and retail banking to provide financial services to their customers and placed as
leading name in the banking sector as well. This report caries the impact of the innovation and
advance technology on the Lloyds bank in terms of increment In the revenue and growth of the
business. Later on discussed the challenges and issues faced by the bank. Also, this report
discusses corporate social relationships.
MAIN BODY
Impact of advancement in technology and innovations on the Lloyds bank which help them
to increase in revenue and sales.
Nowadays the banking sector is involving technology and digitalisation in their banking
to provide better services to their customers as this is very important in terms of the growth of
the business. The business environment is affecting by many factors like they have internal and
external forces which influence them for adopting some changes in the bushiness due to trend
change. Lloyds bank is affected by the new trend and technology used in the external
environment, here comes a difference as it is the oldest bank among all other bankings, so they
work on their own traditional value (Atanassova and et.al., 2017). Its has great impact on their
business as customer moves towards other new banks as they have high technology along with
them. If bank want to take competitive advantages, it has to follow the trend and try to be
resourceful, collaborative and analytical.
According to (Lloyds bank’s digital transformation, 2018) Lloyds bank invested a huge
amount in the transformation of the structure of their bank approx £3 billion, in context to adopt
the latest technology in their banks. Digitalisation in banks is normal in these days, so Lloyds
bank launched strategic plan for three years in this path. They are continuously focusing on the
innovative ideas which may be proved very profitable to them. They also focus on the employees
training and development in the Information Technology, which gives them necessary advantage
in terms of highly skilled employees are working in their bank with lots of experiences (Marris
and Calvert, 2018). They take some steps like they build data analyst team, IT team, Cyber
security team. Further explained as