Lloyds Banking Group will cut thousands of jobs as it increases its focus on digital services and automates more of its business, according to reports.
Lloyds Banking Group is set to cut thousands of jobs as it increases its focus on digital services and automates more of its business, according to reports.
The bank is believed to be targeting mortgage processing and new account opening roles, in a bid to reduce costs and improve customer service by removing manual processes where possible, The Times writes.
More details of the digital reform strategy will be announced as part of the bank’s third quarter financial results on 28 October.
Since merging with HBOS in 2011, Lloyds Banking Group has undertaken a group-wide ‘Simplification’ programme to reduce operational complexity and improve customer facing systems. This includes efforts to rationalise its IT application estate, increase automation, and cut suppliers by more than 7,000 to less than 10,000.
To oversee the major changes within the organisation and lead the revamp of IT systems, the bank announced the appointment of former Royal Bank of Canada IT chief Morteza Mahjour in July, following the departure of former CIO Darryl west to rival Barclays. It has also been adopting DevOps to enhance its delivery of infrastructure resources to development teams.
Lloyds has already had some success in improving its customer facing digital services however, with 10.5 million active internet banking customers, while mobile banking users grew from 3.3 million in 2012 to over four million in 2013.