Lloyds Banking Group has announced that it will be investing more than £3 billion in strategic initiatives to further digitise products and services for customers.

The group revealed the plans in a strategy update released alongside its latest financial results, identifying four strategic priorities for the new digital investment: further enhancing customer experience; further digitising the group; maximising group capabilities; and transforming methods of work.

Lloyds said that it will be deploying new technologies to drive operational efficiencies to make banking easier for customers, while reducing operating costs to less than £8 billion per annum by 2020. The bank also wants deeper end-to-end transformation targeting over 70 per cent of its cost base and the modernisation of its data and IT infrastructure.

Employee training and development will be increased by 50 per cent to 4.4 million hours per annum, ensuring staff are up to speed with the latest technology advancements.

Antonio Horta-Osorio, group chief executive of Lloyds, said: “I am delighted to announce today our strategy for the next three years which will transform the group for success in a digital world.

“Over the last six years the group has made huge progress and has built many strong capabilities, including the largest and top-rated digital bank in the UK. As we enter the next phase of our journey our team is determined to further improve the business, enhance customer experience and deliver superior shareholder returns.”

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