Technological Change and Corporate Social Responsibility in Lloyds Bank PLC

This report discusses the impact of technological change on the economic progress of Lloyds Bank PLC. It also evaluates the significance of corporate social responsibility for the bank and applies the Archie Carroll 1991 CSR model to analyze its CSR practices.

Lloyd Bank PLC
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Task 1...............................................................................................................................................3
Relationship between innovation and economic development....................................................4
Technological change in economic progress of Lloyds Bank PLC.............................................5
Financials and ICT issues in business functions..........................................................................5
TASK 2 ...........................................................................................................................................6
Evaluation on significance of corporate social responsibility for chosen organisation...............6
Application of Archie Carroll 1991 CSR model to analyse chosen enterprise............................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
Banking industry has turned out to be highly competitive in the global world. The
implementation for technology in the banking sector has changes the perspective of surviving in
competitive market. Banks have perceived more enabling resources which help in developing
learners a more level of flexible structures in order to have the respondents fast changing market
scenarios. Lloyds Bank PLC have the providing of efficient banking and financial services have
striving customer relationship (Gololo, 2018). On the other corporate social responsibility has
been defined business attempts in order to meet critical ethical, legal and commercial manner for
meeting up the customer expectation. In this report there will be clear discussion on
technological change in economic process.
MAIN BODY
Task 1
Technology is changing in the way of business to operates and delivering of significant
products to the consumers varying to different sector. Technology have the huge level of
innovations as new buzz word ‘Fintech’ is turning out to be there common palace in sectors
which have the major involving corporates and consumer focus. This is helpful in keep up with
advancements which are improved user experiences across the boards.
Technological innovation
Importance of technology banking have the significant effect on banks productivity,
cashier work along with proper banking transaction and banking patronage on having
appropriated service delivery for effective growth of business (Sharma, 2017). This also has been
stated that’s technology have clear enabling banks in order to have reduction in cost purpose.
This have been extended to the registering in cost of labour, cost of collects along with storing
and processing information technology. Lloyds Bank PLC have enabling banks in order to serve
their customers in better and faster paces along with diverse level of banking products. There is
many significant advances have marked major impacts on differential bank operation by
adapting various level of policies which is taken in account technology driven the changes in the
real world.
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This have also helped up in year increase the revenues and capturing the new markets by
proper offering broader level of service array for doing the business worldwide. Technology
have been turned out to be there keep quality of service in the banking industry.
Technology have invaded the inclusion of the financial institution will have increase
internal efforts to innovates by the disruptive nature of FinTech. Information technology have the
clear enabling of the sophisticated product developments with better infrastructure by the
implementing of reliable techniques. This technique is helpful in controlling their large varsity of
risk by improving their performance of financial intermediaries in order to reach geographically
distant and diversion level of market.
Relationship between innovation and economic development.
The relationship between the innovation and economic development is in the manner in
which innovation is being applied as the former one is able to creates more level of opportunities
to banks in order create more level of revenue management along with greater level of customer
satisfactions. In additions to that’s technological development and innovation are considered to
be important aspect which have been important driving growth of economy. It has been term as
the hey for banks for the long-term growth and productivity.
In addition to that’s there developing the banking will be helpful in lifting the economies
which have widespread the concept of financial innovations (Abdul-Wahab and Haron, 2017.).
This have bene extended that’s financials innovation will be results are influencing supply and
demand of money in the economy and affecting growth. The relationship between the economic
development have the establishment of various models by adding descriptive variable towards
the financial developing indicators of the Lloyds Bank PLC. This have the existences and
correlation in between to affect the growth of financial innovation, to contribute to the saving of
effects such as growth turns into investment, it increased the importance of this relationship.
This have been extended to the registering in cost of labour, cost of collects along with storing
and processing information technology. Lloyds Bank PLC have enabling banks in order to serve
their customers in better and faster paces along with diverse level of banking products.
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Technological change in economic progress of Lloyds Bank PLC
Technological change is considered to be important factor which have the clear
determination of economic growth rates rather than capital formation. This is helpful in bringing
out the constant increase in output per head of population.
This is all about discovery of new and improved methods which is helpful in the
increasing there supplies of effective services to customer of banking industry. Banking sector
are considered to me more level of intensive users of the both information technology and the
financial ones which have inclusion of more data advisability (Parameswar, Dhir. and Dhir
2017). There is more level of improvements in there in cost and the capacity of lending w it the
respective improvements in there back office technologies as well as the consumers which have
been benefitted from the improved level of front office technologies.
More level of technological innovation have increases the overall productivity and variety of
banking services which have the clear contribution in developing the economies to grater extent.
There is many significant advances have marked major impacts on differential bank operation by
adapting various level of policies which is taken in account technology driven the changes in the
real world. This have enabled the banks adopt appropriate most fashionable technology which
new advances assessed to have potential impact. Furthermore, the dominance of certain online
retailers, which may potentially be reinforced by the algorithms of search engines, may lead to
market power and stifling of competitive forces over the longer term.
Financials and ICT issues in business functions.
 The critical level of issues which is been based by there banking institution are such as to
how the application of ICT to have the major jump start along with improving their
decentralized financial managements and accountability.
 There is need for the banker’s network professional who can be reduce network issues
need of training need for training so that these network experts acquaint themselves to the
dynamics in network engineering to curb and reduce network fraud and other challenges
related to computer networks.
 Other actor is hindering of their adoption of the ICT technologies with ignorance which is
especially online services ICT gadgets have the major level of ignorance of the online
services.
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 This is also having the issues in their b having essentials level for the reconstruction
along with developing efforts (Campanella, Della Peruta and Del Giudice, 2017). There
is large amount from the always scare funds which have once peace establishes and
stabilized been achieved.
 The firm have the financial issues which have the major level of lack of cash flow in the
financial issues which have the impacts on level of productivity. The banks have financial
issues have the efficient boot strapping which have advantages as the fastest ways backed
the level of wall financially. This have their bootstrapped their business have the likely to
fail which have funded at external level.
 The banks are facing their issues of personalization as most of consumer have the
expectancy of getting personalize services and special treatments. On the other hand,
most of the customers have abounded the financial service of banks.
 The next issues which is been faced by the banks is such as moving customer from
satisfied to loyal as the affluent level of banking and credit services generally have their
instating of premium service and tailored, expert advice. Moving affluent or mass-
affluent customers from a detractor to a promoter is worth roughly five times the
economic value of turning mass-market customers into promoters
 The next issues which faced by the financial banks on regular purpose is have the
awaiting ri build more level of trust among customers by resolving the trust gaps by
lingering more level of negative perceptions (Karltorp, Guo and Sandén, 2017). This
have enabled the banks adopt appropriate most fashionable technology which new
advances assessed to have potential impact.
TASK 2
Evaluation on significance of corporate social responsibility for chosen organisation.
Corporate social responsibility is one of crucial phenomenon that aids to operates
working of enterprise in ethical and sustainable manner. This also aids to deals with social and
environmental aspects. Henceforth, establishment of the CSR plan of action is one of crucial
components as this defines competitiveness in market (Sharma, 2017). In the today's global
economy, the approach of CSR can be identified as core component of corporate strategy.
Therefore, pursuing a plan of action of social responsibility can be helpful to generates a
positive public image. In addition to this, CSR results as to safeguards to protect the financial
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scandals and also reduce the conflict with stakeholders. In banking sector, implementation of
CSR leads to maintain consumer trust and this also assist the banking firms to enhance their
brand recognition. Lloyd bank plc must implements approach of CSR as this offers the great
deal in order to boost marketing, customer engagement, build internal trust and also improves
employees relationship. CSR is one of the significant approach as this creates the positive
workplace, builds employee morale and also assist to reduce turnover inside the enterprise. Thus,
execution of CSR safeguard to protect the financial scandals and diminish the banking
reputation. This advocates and also assist to minimize the conflicts with the stakeholders.
Thus, financial system plays the basic role in the economies of the developed countries.
Banks works as to borrowed money and self regulates the organisational activities. Lloyd bank
plc seeks to conduct the corporate social responsibility to meet out the financial, social and
environmental responsibilities in aligned aspect. In addition to this, CSR in Lloyd bank plc can
assist to addressing the peculiarity of the socio-economic activities and this leads to development
challenges of the country to deal with poverty alleviation, health care provision, infrastructural
development and education etc. Hence, implementation of CSR is inclusive of business to
undertake the investigation in in its stakeholders groups and also incorporates the ideas needs
and values in strategic and day to day decision making process (Parameswar, Dhir and Dhir,
2017). Thus, financial performance of the banks tends to be improvised if entity has taken steps
to successfully implement CSR practices. Therefore, the functions of CSR is assist to create new
businesses and also allowed entities to attract new investor and also helps to enhance growth
opportunities. Integration of CSR is closely linked with principles of sustainable development
that assist to carry out better working in enterprise in aligned manner. In addition to this, this can
be stated that commercial banks play an important role in instrumentation of the various social
and beneficent programs that supports the disadvantaged people of the country (Karltorp, Guo
and Sandén, 2017). To reinforce the CSR activities, banks must put the major consideration over
the area of market place, work place, community and environmental policy. From the strategic
point of view, banks must take the initiatives to adopt new policies and practices within
organisational structure. It can be inclusive of the retraining staff, adopting new risk management
practices and being highly selective with their investment portfolios. One of the biggest
advancement of CSR in Lloyd bank plc is to bring impro0vement in the employment
engagement. Therefore, CSR entities enhances the creativity among the employees. Henceforth,
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this can be said that enterprises that meaningfully engage in CSR as this leads to generate
increased media coverage that is earned as opposed to paid, which is free, and also positive
publicity (Parameswar, Dhir and Dhir, 2017).
Application of Archie Carroll 1991 CSR model to analyse chosen enterprise.
Carroll model is termed out as theoretical formulation that asserting the degree of
learning attained on given task. In the today's era, this is crucial to develop and operate business
ethics and CSR within schedule of companies. However, this is outlined in following context as
are-
Economic responsibility- It can be termed out as the foundation on which the other foundation
rests. Therefore, all entities are operating its business activities in terms to generate more amount
of profitability (Gololo, 2018). In addition to this, the entity needs to undertake the steps that
assist to find out the ways that generates the profit which is morally, ethically and legally
allowed and accepted.
Large responsibilities- It is termed out as the conditions that assist to analyse the right and
wrong working of the enterprise. In this, all entities are required to play by the rules of the game
and to obey the things that is stated in law of the host country and this also support to follows the
relevant rules and regulations set.
Ethics responsibilities- In this, the entities are obliged to do the thing that is assumed right. This
tells that each entity needs to run out firm practices in ethical manner. However, all entity
should act ethically towards the concerning issues that surrounds the area of operations and this
also leads to avoid the harm to the community and general public.
Philanthropic responsibilities- In this, it can be stated that the all entities should make
contribution in the resources of the community. It leads to improve the quality of life of the
people that is connecting to them and act as good corporate citizen. All entities in the world are
taking steps to enhance business profitability to do so some responsibilities needs to full-filled. It
is significant to operate business activities in consistent mode and maximise its earning per
share.
CONCLUSION
From the above file it can be concluded that Lloyds Bank PLC have the providing of
efficient banking and financial services have striving customer relationship. Technology have the
huge level of innovations as new buzz word ‘Fintech’ is turning out to be there common palace
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in sectors which have the major involving corporates and consumer focus. . Corporate Society
Responsibility (CSR) is just a reminder that the search for profit should be constrained by social
considerations and increasingly Corporate Society Responsibility (CSR) is analysed as a source
of competitive advantage. This have been extended that’s financials innovation will be results are
influencing supply and demand of money in the economy and affecting growth. This have
enabled the banks adopt appropriate most fashionable technology which new advances assessed
to have potential impact
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REFERENCES
Books and journals
Campanella, F., Della Peruta, M.R. and Del Giudice, M., 2017. The effects of technological
innovation on the banking sector. Journal of the Knowledge Economy, 8(1). pp.356-368.
Parameswar, N., Dhir, S. and Dhir, S., 2017. Banking on innovation, innovation in banking at
ICICI bank. Global Business and Organizational Excellence, 36(2). pp.6-16.
Abdul-Wahab, A.H. and Haron, R., 2017. Efficiency of Qatari banking industry: an empirical
investigation. International Journal of Bank Marketing.
Sharma, D.J., 2017. A study on innovation in banking and its impact on customer satisfaction.
IOSR Journal of Economics and Finance, 1(1). pp.70-74.
Gololo, I.A., 2018. Challenges of the Nigerian Banking Sector and the Way Forward. American
Finance & Banking Review, 3(1), pp.26-34.
Karltorp, K., Guo, S. and Sandén, B.A., 2017. Handling financial resource mobilisation in
technological innovation systems-The case of chinese wind power. Journal of cleaner
production, 142, pp.3872-3882.
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