Lloyds Review Leads to Major Brand Strategy Revamp
Lloyds Banking Group has now revealed plans for a major revamp of its retail brand strategy, with the aim of becoming the "best bank for customers".
Their overhaul includes an increase in product, service and branch investment, customer loyalty programmes, more branches and new channels such as mobile banking services.
Lloyds TSB and Bank of Scotland will be positioned as "relationship" brands, while the Halifax brand, which was bought as part of their acquisition of HBOS in 2008, will be "revitalised" as a "leading challenger brand".
In addition, a "delayered" management structure will be introduced, while support functions will be centralised. The banking group will also look to make savings through a certain amount of staff cuts plus improvements to their IT and legal systems.
The announcement was made following a strategic review led by their new Chief Executive, Antonio Horta-Osorio, who joined Lloyds from Santander bank in March.
Mr Horta-Osorio commented: "Our aim is to become the best bank for customers. We have around 30 million customers, iconic brands, including Lloyds TSB, Halifax, Bank of Scotland and Scottish Widows, and high-quality, committed people."