Strategy Evaluation for the Lloyd bank organisation Assignment

Strategy Evaluation for the Lloyd bank organisation - Assignment Example Lloyds heavily relies on its brand to achieve success, but also combines this with an excellent grasp of consumer needs (Bicker 2013: 51). As such, the company has formulated corporate objectives that are aimed at providing relevant, customised, and superior services to consumers in all categories. Over the years, the bank has realised that although its brand is strong enough to fuel its success, that alone is not enough to ensure sustainable growth in a rapidly developing banking sector. In lieu of this, the company has developed and implemented a customer satisfaction blueprint that is aimed at providing the best banking services to current and potential customers (Wilson 2013: 36). This blueprint is guided by efficiency, good ambience, excellent customer support, cordial customer relations, and a consumer engagement mechanism that is based on feedback and interaction. Lloyds’ customer satisfaction strategy has been instrumental in its current success, particularly due to th e bank’s ability to develop new, innovative services that improve service delivery. As the banking sector becomes more competitive, financial institutions realise that their service portfolios are becoming increasingly similar. This has prompted a shift to excellence in service, something that Lloyds has embraced as part of its corporate strategy. The UK and global banking sectors are experiencing numerous changes that are driven by innovation and technology. The rise in mobile and online banking is an example of a shift in focus that is driving growth in the sector. However, it is also becoming obvious that banks have fundamentally similar offerings and procedures. This also applies to the technological and innovation aspects of banking, which are now common in almost all banks (Casson & Rose 2014:35). For example, almost all banks in the United Kingdom have mobile and online banking services