Lloyds Banking Group chat

“Declining footfall in bank branches and the explosion in digital banking, led by both high street players and a crop of start-up rivals, are changing the shape of the banking industry.”


Too little too late. Probably.

You think?

I reckon if you asked 10 million people if they wanted to bank with a high street bank (the digital version), vs a fintech, the majority would choose the high street bank.

I think we are absolutely years away from the fintechs being the norm, and my fear has always been that in 10 years time, the high street banks just end up at the top again (all be it with much better tech).

The fintechs can move quicker, but I don’t think they appeal to the broader audience yet (by quite some margin).


I meant too little too late in terms of being innovative and ahead of the game. Even HSBC are miles ahead.

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Ahhh gotcha.

I don’t bank with Lloyd’s, but from what I hear they have a pretty decent app?

My biggest gripe with the high street banks is the red tape for “processes” that the fin techs generally do very well.

The only thing is they don’t have to be ahead of the game because for them, in my opinion, is to slow down the rate of losing customers not gaining the new ones. At least that could be part of it I think. If they revolutionise I wouldn’t be surprised if the rate of people signing up for fintech would decrease

The app for personal banking isn’t bad. Transaction notifications, and handling Pending transactions the same was as Monzo/Starling are the two big missing features. I think you can even take a photo of a cheque to pay in.

The business account app is poor though, very behind the personal one, and not even updated for iPhone X yet.

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2k employees is huge; it’s going to be a disaster. I can’t even imagine how you would split the work across 2k people.

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I think you may have misunderstood. There will be 2k more, 8k in total

I can’t comment on the actual details. But I think it’s social irresponsible reporting that they’d print this before staff are even briefed about what’s going to happen to them


The same thing that I said about Nationwide investing 4 billion in tech applies here too. I’ll grab popcorn and drinks and enjoy watching the upcoming disaster from a distance.


As the younger generation ages they will bring their fintech with them and it will become the new normal. The generation following them will not see it (e.g. Monzo) as new, they will see it as the normal.

Oi! Who are you calling the ‘younger generation’! :joy:


I don’t know the facts, so this is just my opinion based on my own experience.

But the younger generation typically don’t care about banking (if we are talking about those 16-25 year olds).

The only people who really know about the fintechs (in my world), are the over 30’s who are looking to improve their financial set up/banking.

Even then… the majority couldn’t even name a fintech…

It’ll be fascinating to see what dent these fintechs can make in the banking industry, in say, 10 years time!

I think many many fintechs will disappear, it’s the reason I don’t tend to invest in them, but a few will make it to the mainstream and change the landscape (and make lucky early investors very wealthy), Monzo feels like one of those, but I may have my own rose-tinted goggles on.

As you say, let’s see in 10 years :slightly_smiling_face:


This article back from March is a good indicator of what Lloyds consider the future holds - note the claim to be the largest ‘digital bank’ in the UK…

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hot-coral-tinted ? :raised_hand:


I’m not a typical 22 year old then :joy:


Interesting article on the first (public) Lloyds play in this area:

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Interesting! Looks like they’re either testing it with the Intelligent Finance brand before maybe migrating larger brands onto it, or they’re going to use this brand as a new challenger style bank.

I thought migration was very expensive?

It almost certainly is. But on the long run it’s more expensive not to.

They’ve got the right idea in starting small, but I’d probably still want to do single figures, then hundreds in batches… No one wants another TSB. :frowning: