Lloyds Banking Group (LLOY) Investor Update summary

Strategic progress and digital leadership

• Recognized as a top 20 global digital bank and #1 UK domestic bank in the Evident AI index, with over 23 million digitally active users and more than 21 million mobile app users, supported by 800+ AI models live.

• Achieved over 40% growth in mobile app users and 50% growth in digital logons since 2021, with 90% of applications now through the mobile app and a 7-minute completion time.

• Shifted investment from legacy systems to future capabilities, including agentic AI and digital assets.

• Digital and AI initiatives contribute over 70% to strategic revenue targets for 2026 and over 60% of £1.5bn cost savings to date.

• Enhanced customer engagement, with over 13 million personalized daily engagements and 75% of product sales now through the mobile app.

Infrastructure modernization and operational efficiency

• Modernized technology estate, consolidating data centers from 18 to 9, decommissioning 20% of applications, and migrating over 50% of applications and 5PB of data to the cloud.

• Achieved a 35% reduction in outage hours compared to UK peers and a 25% increase in policies serviced per FTE.

• Improved delivery lifecycle by over 60% through the platform operating model, realizing £0.3bn in gross cost savings.

• Increased in-house tech talent, with 8,000 technology and data hires since 2021 and 900+ tech-focused graduate hires.

• Operating model evolution includes a shift to a platform approach, increased permanent engineering workforce, and enhanced productivity through AI tools.

Customer innovation and digital engagement

• Enhanced mobile app experiences, with 40% of Ready-Made Investments customers under 35 and 15 million monthly visits to Spending Insights.

• Streamlined onboarding, with 90% of applications now through the mobile app and a 7-minute completion time.

• Scaled digital services across business lines, including 1.5 million IP&I customers and 600,000 mobile-active businesses.

• Increased reach through ecosystems, such as Home Hub and connected transport propositions, driving higher engagement and retention.

• Embedded AI in customer interactions, enabling natural language engagement and rapid onboarding.