British Lloyds bank has reported a cumulative technology spend of £4 billion over the past three years, with £2.8 billion of that budget allocated towards a three-year transformation plan set out in February 2018.

The pandemic regime has increased demand towards online services, the Lloyds's digitally-active customer base has increased to 17.4 million customers. The number of the mobile app uses has by nearly two million in 2020 to 12.5 million customers. 

The proportion of products originated via digital channels also increased in 2020, up 10 percentage points to 85%.

The bank states it has "digitised" 78% of its cost base, over and above the 70% target set in 2018. 

The outgoing CEO António Horta-Osório, says: "Despite this significant progress, we are only just starting to see the transformation that technology is enabling. Customers will increasingly expect to interact with us in a more effective, agile and personalised way.” 

"To compete effectively against new entrants and respond to these evolving customer expectations, we need to continue to transform how we work, replace some of our legacy systems and enhance our use of data across the business. Some of this development will be internal but we will also increasingly use partnerships with specialist technology and fintech providers."