Lloyds Banking Group will increase personalisation of its marketing in the coming months, using customised approaches to target the 19m people it now has registered on its database.
The group’s marketing team are currently working to support a strategic business plan which includes strengthening customer relationships and maximising the potential that exists in data and technology.
In results released on Thursday (25 July), the financial group said it has been investing in “enablers” which will improve marketing and customer experience functions.
Between January 2023 and January 2024, the bank saw product conversions increase five-fold for its business and commercial banking (BCB) divisions.
During the first six months of 2024, the bank scaled up its Lloyds Bank 360 proposition – targeting a “mass affluent” audience – to more than 0.5m customers and introduced digital investment advice on customer mobile apps.
Customer deposits grew between 30 June 2023 and 30 June 2024 from £309.7bn to £313.3bn.
The bank also partnered with Aston Martin to become the automotive brand’s retail finance provider during the period.
Across the company’s insurance, pensions, investments and wealth operations, assets under administration delivered net new money of £2.9bn during the first half of 2024, taking total assets to £193bn.
Charlie Nunn, group chief executive of Lloyds Banking Group, said 2024 is a key year for the company’s strategic aims.
“We continue to deliver on our strategic transformation, as illustrated in the fourth of our investor seminars last month. We remain on track to meet our 2024 targeted outcomes,” he said.
“Indeed, our progress to date enables us to reaffirm 2024 guidance and remain confident in achieving our 2026 strategic objectives and guidance. Guided by our purpose, we continue to support customers in reaching their financial goals and successfully transform our group.”
The group’s commercial division launched a new content programme during the half year period, offering insights on economics and markets activity.
Income from commercial and institutional banking grew from £55.6bn as at 30 June 2023 to £56.6bn.