Lloyds Banking Group, a company with 30 million customers under several brands, including Lloyds Bank, Bank of Scotland, and Halifax, has put forth additional cost-saving measures to help the company weather poor economic conditions and to better meet customer expectations. On top of the 9,000 jobs and 200 retail branches the bank outlined to eliminate back in 2014, Lloyds recently decided it was necessary to trim another 3,000 jobs and 200 branches.
While most banks continue operating through an omni-channel strategy, it’s no secret the number of consumers who walk into a brick and mortar establishment is dwindling, thanks to the convenience of digital channels. According to an article in Financial Times, Lloyds indicated that bank transactions went down 15% year over year.
Cost-saving initiatives and the move towards mobile continue to stay at the top of the list of priorities for financial services institutions.