Assessing Innovation and Technology: Lloyds Bank's Performance

This report examines the impact of innovation and technology on Lloyds Bank PLC, focusing on how these factors have influenced the company's sales, profits, and overall growth. The report begins by defining innovation and technology within a business context, providing examples of how they contribute to economic growth. It then delves into how Lloyds Bank utilizes new technologies, such as cloud computing and the Internet of Things, to enhance its operations and customer services. The analysis includes a comparison of the bank's sales and profits before and after the adoption of these technologies, highlighting the positive effects. Furthermore, the report assesses the importance of corporate social responsibility (CSR) for the organization, defining CSR and corporate governance and providing a brief history of corporate governance in the UK. The report also explores Archie Carroll's pyramid of CSR, illustrating its relevance to Lloyds Bank's operations. Overall, the report provides a comprehensive overview of the business environment, technological advancements, and CSR practices within Lloyds Bank, demonstrating their interconnected impacts on the bank's performance and societal contributions.

Assess the impacts of
innovation and technology
and how it has affected the
sales, profits and growth of
one of the following
companies.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1. Different types of the technology and innovation and their impact on the progress of the
economy of the company.............................................................................................................3
2. Impacts of the innovation and the technology on the profit, sales and growth of the
company.......................................................................................................................................4
TASK 2............................................................................................................................................7
1. Importance of the corporate social responsibilities in the organisation...................................7
2. Archie Carroll's pyramid of the CSR.......................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Business environment refers to the collection of the external and the internal sources of
the business which affects the functions and the practices of the company. These internal and
external factors are needs and wants of the customer, demand and supply, employees, suppliers,
government etc. so these factors affects the the overall performance, growth and profitability of
the business. This file evaluate the business environment of the Lloyds Bank PLC which is the
commercial and the retail bank of the London. Lloyds Bank PLC have their headquarter is in the
London, UK. This report includes the impact of the technology and the innovation on the
progress of the economy from the Lloyds Bank PLC. How the Sales, growth and the profitability
of the company are influence by the innovations and technology. There are various importance
of the corporate social responsibilities of the company. This file also evaluate the Archie
Carroll's pyramid of the CSR.
TASK 1
1. Different types of the technology and innovation and their impact on the progress of the
economy of the company.
Innovation is the additional efforts of the business to develop the new products and
services for the customers in the markets which fulfil the needs and wants of the customer. In the
business of the Lloyds Bank PLC technology is the collection of the effective skills, techniques
process and methods which is used in effective production of the services and the products.
Technology is also used in the achievement of the opals and the objectives of the business
(Dyllick and Muff, 2016). These innovation and the new technology of the business are have
various impact on the growth and the success of the economy of the country.
For the growth of economy of the country innovation and technology plays an important
role because innovation determine the different technologies and the ides which improve the
quality of the products and the services and it will increases the level of the production. The
advantage of the innovations is it will expands the productivity of the business which also
increases the growth and the success of the economy of the country.
The success of the economy is depends on the innovation and technology is adopted by
Lloyds Bank PLC in the business. In the business of the Lloyds Bank PLC they improve their
existing technology to increases the base of the customer which increase the sales of the
business. They add the additional features in their services which makes the easy work for the

customer (Levi-Jakšić, Jovanović and Petković, 2015). When the sales of the bank increase then
simultaneously it will reach to the economic success of the country. Process and the advance
technology in the present market of the company. Effective innovation will increases the
productivity of the business and this will increases their standard of living that will enhance the
growth of the economy of the country. Lloyds Bank PLC brings the new innovation and the
technology which which increases the opportunities of the employment of the country and it will
reduces the unemployment. By providing the variety of the jobs to the people of the country it
will leads to the successful economy. Lloyds Bank PLC focuses on the equal distribution of the
income to their employees by adopting the new technology and innovations in the business. The
new technology will makes the work easier and faster and this will increase the efficiency level
of the employees. Innovation brings the sustainability in the environment by applying the ideas
which do not affects environment and focuses to maintain the economy of the country effective
and efficient. Lloyds Bank PLC adopts the technology which gains the satisfaction of the
customer so the sales also increases of the bank by developing their products and services with
more effective features.
The Lloyds Bank PLC uses the new technologies in their business activities have
different methods such as:
Cloud Computing: It will helps the business of the banking by providing the different kinds of
the services to the customer with the helps of the internet. This technology stores the data and
the information, software, networking and the servers of the Lloyds Bank PLC. Cloud computing
saves the cost of the business, increase the speed, efficiency performance and sales of the
business. Lloyds Bank PLC focused to provides the best services to their customer and wanted to
increases the sales of the business so the cloud computing is very useful in the banking business.
IOT: Internet of things gives the advantages to the customer because the access of the services is
very easy to both the customer of the credit and debit cards. It provides the best connection of the
system, services and the devices which is related to the communication of the machine to
machine. Lloyds Bank PLC uses this technology in their business to covers the different types of
the protocols, applications and domains in their business. This will helps to maintain the
economy of the country by using the effective connection of the internet of things

2. Impacts of the innovation and the technology on the profit, sales and growth of the company.
Lloyds Bank PLC is the retail and the commercial banks which provides the financial
services of the banking to their customer. This bank provides the online and the telephone
services which is 24 hours. The success of the Lloyds Bank PLC is depends on the business and
personal accounts of the customer which increases the sales of the business. The main activities
of the Lloyds Bank PLC is they provides the general insurance, and provision of the life pension
and investments of the customer which satisfy their needs and wants of the future and present. It
has the largest share of the shareholders in the country which leads to the success of the bank and
increases the profitability of the business (Storey, 2016). The growth of the Lloyds Bank PLC is
depends on the effective services provided to the customer such as saving and the current
accounts, credit cards, mortgage loans, personal loans etc.
Lloyds Bank PLC adopts the various new technologies in their business which helps to
increases the sales and the profitability of the business. These new technologies are describe
below:
Greater storage of the information and data: Lloyds Bank PLC provides the different
commercial and the financial services of the banking to their customer so they develop the new
and the effective technology to secure the information of the customer and the company. Storage
of the data and information of the customer improves the satisfaction of the customer and they
make the more investments in the banking and the level of the profits and sales will
automatically increases.
Fast technology of the internet: All the functions and the activities of the Lloyds Bank PLC is
done with the help of the internet. They spend larger money is adopting the technology of the
high speed internet. High speed internet reduces the time of the banking operations and gives the
advantages to the Lloyds Bank PLC (Armeanu, Istudor and Lache, 2015). When the customer
fees their banking transaction does not take more time then the level of the profits and sales of
the banks of the Lloyds PLC.
Automatic system of the social media marketing: To increases the profitability of the Lloyds
Bank PLC the marketing of the social media is the main source. They improve the automatic
system of the marketing on the social media which make the staff free from the different types of
the campaign of the marketing.

Communication of remote and cloud storage: In the business of the Lloyds Bank PLC they
introduces the technology of the cloud storage so that they could share and store the data and the
document of the specific site of the clouds such as Dropbox, google docs etc (Holden, 2016).
This sites of the cloud used by the Lloyds Bank PLC saves their cost of the business.
Online and mobile banking: With the help of this technology the customer will transfer the
amount and check their accounts when they are out of the city. This facility of the bank will wins
the satisfaction of the customer towards the business Lloyds Bank PLC.
With the help of the effective technologies the profits of the Lloyds Bank PLC in 2017 is
increases from the 2016. In the 2016 year the bank earns the profits of the 2,514 million and then
they change the system of the innovation and the technologies in their banking business the
profits will increases to the 3,547 million (Hair Jr, Page and Brunsveld, 2019). Technology helps
in the most effective way because online banking services provided to the customer so they will
increase the level of the satisfaction and invested in the banks to used the online services of the
bank.

From the above table it can be concluded with the use of the fast and the growing
technology in the business it will leads to the greater profitability and success of the banking
business. By developing the technologies with the new and advance technology the profits will
increase from the 4,400 million to the 2,514 million in the 2017 to 2018 (Boone, and et.al.,
2019). New innovation and the effective technologies will helps to reach the objectives and the
goals of the business as seen in the above table.
TASK 2
1. Importance of the corporate social responsibilities in the organisation.
Corporate governance refers to the policies and the process of the government in which
the activities of the business are controlled and regulated. It includes the interest of the customer,
suppliers, shareholders etc which is balanced. It is the set of rules and regulations of the
government which determine the corporate behaviour of the business. Lloyds Bank PLC have the
responsibility towards the society and the environment in which they done their daily business
activities. It is practices of the business in which they works top maintain the sustainable
development of the in the activities of the business (Bendell, 2017). Corporate social
responsibility of the Lloyds Bank PLC gives the effective and the good impact on the social,
environment and the economic factors of the country.

The history of the corporate government in the UK determines that the word governance
is the common word which is not only used by the companies but the organisation like charity,
trust of the national health local authorities uses in their activities. In the 1990s the starting of the
revolution with the report of the Cadbury which is related to the corporate governance aspects of
the finance. The main focus of this report is on the ethics and corporate behaviours of the
companies. And then the Cadboury code is introduces by the UK. there is also the introduction of
the greenbury report in the 1995 which is group of the principles on the remuneration of the
directors. For the adoption of the new code which is comprehensive is determine by the Derek
Higgs, who is the famous banker of the investments. He looks the brief again in the governance
of the corporate and makes the existing report for the production of the code which is single and
comprehensive codes.
In the banking sector corporate social responsibility have lots advantages in the business
because it will helps to maintain the positive image of the company in the minds of the customer.
Lloyds Bank PLC is develop their their policies and practices for the development of the society,
customer and shareholders will increases the success of the business in the long term. They
promotes their brand by providing education to the poor children of the society, provide the
opportunities of the employment, planing m,ore and more trees which brings the positive impacts
on the society and increase their reputation of the brand. With the help of the CSR the manager
of the Lloyds Bank PLC develop the feeling of the mutual interest in the employees so they
become focused in their working to achieve the objectives of the business.
2. Archie Carroll's pyramid of the CSR.
For the successful operation of the business the Archie Carroll's pyramid determine the
four responsibilities of the such as legal, ethical, ethical and philanthropic. This pyramid is
largely used by the Lloyds Bank PLC and evaluates the key areas in which the activities of the
business done for their stakeholders. These responsibilities are explained below:
Legal: This is the responsibility of the business to determine that their activities and the practices
are legal. Lloyds Bank PLC follow the rules and the regulations which helps to protect their
customer and investors. The manager of the Lloyds Bank PLC make sure about the laws of the
society which is related to the activities of the business.
Economic: It is the basic responsibility of the business to increases the level of the profits for
their customer, shareholders, investors etc. In the business of Lloyds Bank PLC there are lots of

external and internal sources that will affects the success and the development of their business
in the competitive markets (Antikainen and Valkokari, 2016). Lloyds Bank PLC have the
responsibility to increases the amounts of the profits by taking the effective and efficient decision
in the business.
Ethical: It refers to the rights and the moral values in which the business have to done their
activities that is expected by the society. Lloyds Bank PLC operates their banking operations in
the best and the ethical manner according to the future success and reputation of the company.
Philanthropic: It focuses to give the quality to the customer from their products and services for
the development of the society (Oriesek and Schwarz, 2016). The society expected this kind of
the responsibilities from the corporate business company and Lloyds Bank PLC provides their
services and the products to the customer with the aim to improve the standard of the living of
the society.
CONCLUSION
It has been concluded from the above study that the business environment is the
combination of the internal and external factors such as creditors, government, customer,
demand and supply which influence the effective performance of the organisation. For the
successful operation of the business the have to develop the various innovation in the business.
The new and the advanced technology helps to increases the success and the profitability of the
business. Every organisation have the social responsibility of the corporate in which they make
their effective contribution in the development of the environment, economical and social

REFERENCES
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Hair Jr, J.F., Page, M. and Brunsveld, N., 2019. Essentials of business research methods.
Routledge.
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Oriesek, D.F. and Schwarz, J.O., 2016. Business wargaming: securing corporate value.
Routledge.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Online
Annual Reports and Accounts. 2017. [Online]. Available Through :
<https://www.lloydsbankinggroup.com/globalassets/documents/investors/
2017/2017_lbg_annual_report_v3.pdf>.
Annual Reports and Accounts. 2018. [Online]. Available Through:
<https://www.lloydsbankinggroup.com/globalassets/documents/investors/
2018/2018_lbg_annual_report_v2.pdf>