Author(s)

Qiu Pengyu ^1,2

Affiliation(s)

¹ University of Huddersfield, West Yorkshire, UK
² Department of Computing, University of Huddersfield, West Yorkshire, UK

Corresponding Author

Qiu Pengyu

ABSTRACT

The aim of this study is to understand how digital transformation is affecting the quality of customer service in Lloyds Bank's retail banking sector in the UK economy today. Increasing customer engagement, improving operational efficiency, and increasing competitive position or cost-lock-in capabilities through digital transformation efforts are assessed for Lloyds Bank amid growing post-Brexit uncertainties, COVID-19 recovery efforts and inflation concerns as of October 2023. Based on desk-based research, the analysis comprises macroeconomic trends, financial performance, customer satisfaction metrics and a peer comparison versus other top UK banks. In conclusion, the results suggest that although lifecycle optimization facilitated through digital transformation has enhanced Lloyd's ability to achieve operational efficiency and sustainable competitive advantage in the market, it cannot be neglected that challenges like the recent increase of digital divide along with cybersecurity risks need continuous analysis by these financial institutions to keep up with current challenges. Points of emphasis include the need to enhance digital literacy programs, maintaining inclusivity and ongoing improvements in cybersecurity.

KEYWORDS

Digital transformation, customer service quality, Lloyds Bank, UK banking sector, operational efficiency, customer engagement, cybersecurity, digital literacy, competitive positioning, macroeconomic trends

CITE THIS PAPER

Qiu Pengyu, A study on the impact of digital transformation of Lloyds Bank's retail business on customer service quality. Accounting and Corporate Management (2024) Vol. 6: 191-202. DOI: http://dx.doi.org/10.23977/acccm.2024.060526.

REFERENCES

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