Lloyds Bank plc is a UK based retail and commercial bank with a vast network of branches and ATMs across England and Wales. It offers a wide range of services to its customers including a 24 hour telephone and internet banking services, business banking, wealth management, cash machines and stockbroking. Founded in Birmingham in 1765 by John Taylor and Sampson Lloyd II, the London headquartered bank has seen a steady growth in assets over the years becoming Britain’s largest retail bank with close to 16 million customers as of May 2016. In addition to the over 1300 operational branches, the bank has agreements with other banks such as Halifax in Northern Ireland and the Bank of Scotland in Scotland to offer services to its customers. The bank further has wholly owned subsidiaries Lloyds Bank Gibraltar Limited and Lloyds Bank International Limited that operates branches in Gibraltar and Jersey respectively. The bank’s growth over the years has been coupled with a number of mergers and acquisition of other small financial institutions the most recent being the acquisition of HBOS in 2009. Lloyds Bank is a member of among other bodies, the British Bankers’ Association, Financial Ombudsman Service and Financial Services Compensation Scheme.
Despite the tremendous growth observed, things have not always been rosy for the company which has had its fair share of problems over the years. For instance, in early 1980s the bank found itself in a challenging situation whereby it was struggling to even meet its financial goals and the shareholders expectations. The management was faced with the difficult task of making decisions and implementing policies that could turn around the bank’s fortunes and make it competitive in the years to come. One area that needed improvement was the service delivery process of which a number of actions were undertaken to improve it. These actions included setting of clear objectives for the company, selecting the right market, creating the right organizational culture, implementing the necessary changes and planning for the company’s future.
These actions were successful in turning around the fortunes of the company by increasing the market capitalization and achieving an average annual shareholder return of 26%, marching big brands such as Coca-Cola and Gillet. However, there are still a number of actions that if considered can further increase the service delivery process of the company hence its profitability. They include;
Considering brand performance metrics such as social media presence, brand awareness, percentage market share and percentage usage metrics, Lloyds Bank is a successful business. This success can be attributed to a number of factors which include;
In conclusion, although Lloyds Bank is a successful brand mainly due to good management decisions taken in the past, a lot still needs to be done to ensure that the brand remains competitive many years to come. Policies should be put in place to deal with a possible future financial crisis like the one in 2008 that led to the company recording losses for two consecutive years.
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