Lloyds Bank PLC: Technology, Innovation, and Business Performance

This report examines the profound impact of innovation and technology on Lloyds Bank PLC, a financial services company. It investigates how technological advancements and innovative strategies have influenced the bank's sales, profitability, operational efficiency, and overall growth. The report highlights the importance of Corporate Social Responsibility (CSR) in the modern business landscape, particularly within the financial sector, and applies Archie Carroll's CSR model to illustrate how Lloyds Bank can enhance its brand value and customer perception through ethical practices and social responsibility initiatives. The analysis covers the effects of technology on operations, the impact of digitalization on sales and profit, and the role of innovation in meeting customer demands and fostering growth, while addressing the challenges and opportunities in the competitive financial market. The report emphasizes the need for continuous investment in technology and the importance of CSR policies for long-term success and customer loyalty.

Bussiness Environment - The
impact of innovation and
technology and how it has
affected the operations sales
profits and growth of Lloyds
Bank Plc Eva

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................2
TASK 1............................................................................................................................................2
1. Impact of technology and innovation on sales, profit, operations and growth........................2
TASK 2............................................................................................................................................5
3. Significance of CSR................................................................................................................5
4. Archie Carroll’s CSR model....................................................................................................6
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
It is very essential for businesses to understand the internal and external factors of the
organization so that there is a better functioning. There are a lot of changes which are taking
place in industry due to technology and innovation in market which is a very essential factor so
that the organization can follow the trends of customers. Lloyds bank PLC is a public company
which is in the financial service sector. The headquarters of the organization is in London and
was founded in the year 1765. The report would consist of the impact of technologies and
innovation on the sales, profit, operations and growth of the organization and corporate social
responsibilities. With the help of Archie Carroll’s CSR model the importance is going to be
shown in the chosen organization.
TASK 1
1. Impact of technology and innovation on sales, profit, operations and growth
There is a lot of improvement which can be seen in Lloyd bank in the industry of
financial sources which is attracting a lot of clients in the market. The expectation of the clients
has changed from the methods which were being used in the past and there has to be a change in
the business which can take place through adding innovation and technologies which can help
those innovations come into satisfactory of the client which is a great factor (Tomiuk and
Srivastava, 2019).
 Operations
This also helps the company to understand d all the factors which is very essential to
understand the impact of innovation and technology on sales. Due to increase in the demand of
technology in the banking sector it is very important for Lloyd bank to analyse the innovative in
the competitors as it can reduce the efficiency of company. There is a rapid change in the
technology which has impacted the cost of company to performing its activities to achieve its
objectives. Rapid change in technology also reduces the market share of Lloyd bank and reduced
the profitability to compete in the market (Akinsoyinu, 2017). Technology has provided better
stability in the market to understand and gather their information about the entire customer to

develop better marketing strategies and techniques which can increase the potential of company
to attain core competency effectively. Due to advancement of technology it has also opened the
global completion if the financial sector as many banks are selling their financial products on
digital platform around the world which has reduces the sales of Lloyd bank. As Lloyds bank is
also providing different types of product which helps them to survive in the market and attain
more customer base. The main focus of the company is to increase the customer satisfaction and
use the digital platform to attract more customers with effective marketing campaigns with low
cost effectively.
 Sales
Innovation and technology has also impacted the operation of banking industry as well. It has
reduces the cost of operation of Lloyd bank to increase its profit margins which helps the
company to compete in the market effectively. With the help of technology blank also increases
the potential of employees to increase the overall performance of company and promote it as a
brand in the market to gain more popularity. Information technology is also used by the Lloyd
bank which increases the data to develop better decisions to increase the efficiency of the
internal factors which also helps to reduce the cost of the company. Innovation has also increase
the leadership of the bank to compete in the market and increase core competency effectively.
Innovation in the financial industry is also integrated with digital technology also helps to
increase the cost and increase the motivation of the bank effectively (Micheler, 2019).
Technology also helps the reduce the cost to reduce all the wastage and increase the potential to
make decision and increase the efficiency to improve the quality of products and increase
customer satisfaction effectively.
 Profits
There is a lot of cash flow in the organization because of the technologies and innovations
which are being used in the organization which is a great factor. Lloyds bank is using the latest
technologies in the organization so that the customers of the organization can get a best from the
industry (Obeng-Krampah, 2018). There have been a lot of changes in the technological aspect
of this industry which has raised the net income profit £4.3 bn as of 2019 which is a great growth

for the business. There is a lot of digitalization which has taken place in the industry which has
to be followed so that there is a better growth in the market. There is a requirement of investment
in the technological aspect of the organization so that there is a better functioning. The quality of
the services and the products of the bank have to be clear with the customers which is going to
satisfy them more and the standards must be matched by Lloyds bank which is going to help the
organization to have a better reputation for them in the market.
A lot of events are being held by Lloyds bank so that they can improve the services, aware
customers and the quality which is going to make the customers have a better experience. There
is a requirement of a lot of knowledge and skills to use the right technology in the right
innovation only then the customers can be satisfied and get what they expect from this industry
and achieve their objectives for the customers (Fioramonti, 2017). It is very important that the
objectives and aims of the bank can be reached which would make the customers have the best
experience which is going to make the organization have a standard for themselves which is well
maintained in the market. There are a lot of challenges which the organization has to face to get
the kind of profit which the organization decides for them. The social need have to be fulfilled
only then the customers will come in to get financial services so that the organization can have
higher profit margins which can be invested for further technological changes because in this
industry there are a lot of changes which are taking place.
 Growth
There is a lot of improvement in meeting the demands of the customers with the help of
technology. There is a use of information communication technology in the industry so that there
is a faster growth in the organization which is going to help the organization to grow in the future
as well. There are online services which are being provided so that the customers so not have to
travel to the bank and can get their requirements online which is a very good factor for the bank
(Spash, 2020). There is a class which needs to be maintained in the financial industry which is
being provided to the customers by the organization so that there is a better functioning. For a
growth in this industry there is a requirement of technology because the customers need more
online services so that they can get their details of the bank accounts whenever they ned and can
feel satisfied with the organization which is a very secure information and gaining the trust of the
customers. There are a lot of people dependent on this industry for the wages so that they can

improve their lifestyles which are why there has to be innovation and right technological use in
the organization so that they can have a better market for themselves and get more customers to
get financial services what they need to grow in business. The competition is huge which is why
it is very important for the organization to have a better functioning which is going to help the
business be able to grow effectively.
TASK 2
3. Significance of CSR
Corporate social responsibility (CSR) is defined as the legal, ethical, moral as well as
economic expectations of society towards organisations (Liang and Renneboog, 2017). With
changing era of globalisation and digitisation CSR is becoming one of the integral elements of
business processes. For Lloyd Bank it is essential that organisation must build a strong brand
value and perception among its customers. It is possible when organisation is able to demonstrate
that its activities and operations consist of social responsibility. For retaining the success and
gaining competitive advantage it is vital for the organisation that people have a positive image
for the bank. It will be beneficial as with small efforts towards society communities are able to
develop emotional bonding and trust with organisation.
Thus for enhancing brand awareness it is necessary for Lloyd Bank to follow and
retain ethical practices. Contrary to this if business emphasis on only profit gain irrespective of
ethical and social responsibility then people may not recognise organisation for long term with
positive perspective. It has been also observed that CSR practices are valuable in terms of
reducing operational expenses and making operations more efficient. For instance when Lloyd
Bank follow sustainability practices like waste reduction or resource reusability then it lowers
the unnecessary wastage of resources or expenditure burden on organisation. The adaptation to
CSR practices also encourages organisation to bring innovation in practices which reduces
operational costs and improves productivity.
There are a lot of employment which is being provided to the population of the
country which is a great advantage for the development of the country and the GDP level. There
is a lot of motivation which is spread through corporate social responsibilities which is going to

make the productivity level and the services of the organization improve. This is going to help
the business have better image in the customers and the organization will be able to grow them in
the market (Jiang, André and Richard, 2018). There has to be efficiency in the industry because
the customers need more of loans and other financial aids so that they can start their own
business which is going to help the country develop as well as improve the economic stability in
the country.
The role of CSR can also be understood with the fact that for gaining competitive
advantage as well it is required that Lloyd Bank must emphasis on developing good CSR
policies. When bank uses sustainability programs then it assist organisation to establish itself as
organisation which is not only concerned with the monetary benefits but is also concerned with
the environmental and social issues. Thus people also get a chance to observe and appreciate the
real efforts and strategies of the organisation. CSR can also be considered as a great opportunity
to improve the customer engagement. When Lloyd Bank make initiatives to show that it respect
human rights and ethical perspectives towards employees as well as other stakeholders then it
plays crucial role in improving their commitment towards organisation.
Thus CSR policies can also be used to develop a work place which is highly efficient and
productive in terms of operational quality and employee efficiency. In existing scenario of high
competition when Lloyd Bank is facing huge competition from local as well as international
financial services it may not be possible to retain successful position only on the basis of quality
services (Wang and et.al., 2016). For long term success and increasing customer loyalty it is also
need of the business scenarios that they must build a strong image in society and among
employees. Thus with the help of CSR policies Lloyd Bank is also able to create a sense of pride
among people by having association with the organisation. It is possible only when bank fulfil its
social responsibility towards environment and social.
4. Archie Carroll’s CSR model
The Carroll’s framework for CSR helps Lloyd Bank to effectively fulfil its corporate
social responsibilities. The model prioritises the profit which is foundation for the business
model of Lloyd Bank. However it also integrates these profitability needs with legislative
requirements, ethical duties and philanthropic choices. The model has following responsibilities
which must be considered by organisation to successfully implement CSR policies.

Economic: Lloyd Bank understands the economic sustainability and develops innovative
practices to achieve its financial targets. For this purpose organisation hire talented human
resources and formulate effective marketing and operational strategies as per market and
business needs. The economic responsibility is essential to survive for long term and thus Lloyd
Bank also takes its operational decisions on the basis of its economic targets.
Legal: Another sustainability aspect which is followed by Lloyd Bank is legal considerations.
The bank follows several regulations to ensure that its customers, employees and other
stakeholders are delivered a safe and qualitative work environment. For instance legislations
such as occupational health and safety, equality laws, equal wages act and other human resources
act ensure that all employees are treated with respect in organisation (Grayson and Hodges,
2017). Similarly as Lloyd Bank also uses advanced technology to deliver financial services bank
is responsible to follow privacy regulations and other banking regulations to secure the finances
of its customers. When organisation obeys these regulations then it helps to avoid legal conflicts
and penalties. It also helps to build trustworthy and renowned brand image necessary for gaining
support of the customers.
Ethical: Apart from the legal and economic compliance Lloyd Bank must also act ethically and
morally which are not limited to only legislations. For instance bank initiates several welfare
programs for its employees and suppliers. These programs are accomplished by organisation to
fulfil the ethical duties or bank towards the individuals who are part of the business. The ethical
duties and efforts such as health insurance and welfare programs for stakeholders improve the
trust of these individuals towards bank. It also play key role in motivating individuals to work
with more positivity and efforts.
Philanthropic: Lloyd Bank receives immense support from society thus to pay towards society
organisation also take efforts to pay back to society. Though this aspect is discretionary but it is
critical part of the CSR of Lloyd Bank. For instance bank organises charitable events and also
support people with financial needs. The flexible working policies and internship programs for
the society is also one of the way followed by organisation to make contribution in the social
development (Crane, Matten and Spence, 2019).

CSR policies of Lloyd Bank are greatly influential to attract and connect with majority of
the customers and social communities. These attempts are vital for the bank to build customer
and social support for long term.
CONCLUSION
From the above report it can be concluded that there have been a lot of improvement in
the industry of the chosen organization due to technology and innovation. There are a lot of ideas
which are being generated in the market which can make the organization have a stronger run for
them in the market. CSR also has to be strong in the business so that they can have a strong
workflow in the organization which is going to help the organization have high profit margins.

REFERENCES
Books and Journals
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Crane, A., Matten, D. and Spence, L. eds., 2019. Corporate social responsibility: Readings and
cases in a global context. Routledge.
Fioramonti, L., 2017. The world after GDP: Politics, business and society in the post growth era.
John Wiley & Sons.
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fixes and long-term solutions.
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Spash, C., 2020. The Revolution will not be Corporatised!. Environmental Values. 29(2). pp.121-
130.
Tomiuk, D. and Srivastava, M., 2019. Association of Global Management Studies.
Wang, H. and et.al., 2016. Corporate social responsibility: An overview and new research
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