business model and strategy
Becoming the best bank for customers and our shareholders
Our business model
Becoming the best bank for customers means putting customers at the heart of everything we do, operating sustainably and responsibly and continuing to invest in our business strengths. We are delivering this through our differentiated, UK focused business model for a simple, low risk, retail and commercial bank.
What makes us different
Our strengths and capabilities set us apart from our competitors, providing advantage and differentiation and creating value for customers, shareholders and society.
Our UK focus means we operate in a single developed market that we truly understand while avoiding multi-jurisdictional complexities and costs.
Simple, low cost operating model
Our simple, low risk model provides a cost advantage which benefits customers and shareholders alike.
Low risk business
Our low risk approach is reflected in our credit default swap spread, which is among the best in the banking sector worldwide.
Our balance sheet and funding position are amongst the strongest in the banking sector worldwide.
A sustainable and responsible approach to doing business is integral to everything we do.
Offering our services through a number of recognised brands enables us to address the needs of different customer segments more effectively.
Our integrated range of distribution channels, including branches and digital products, allows customers to interact with us when and how they want.
Skilled and engaged people
Our colleagues provide real advantage. We invest in customer focused training while ensuring our commitment to build the best team.
In 2011, we outlined our strategy to become the best bank for customers and shareholders. Over the following three years the business was transformed with a reshaped, low risk portfolio, a strengthened balance sheet and a more efficient cost base. This firm foundation enabled us to launch the next phase of our strategy in 2014.
Our three-year plan is designed to deliver value and high quality experiences for customers as well as superior and sustainable financial performance, all within a prudent risk and control framework.
Our focus is to adapt to the changes in financial services brought about by shifts in technology, our customers’ changing preferences and the evolving competitive and regulatory environment. This will be achieved through three strategic priorities: creating the best customer experience; becoming simpler and more efficient; and delivering sustainable growth.
The combination of our three year plan with our strong foundations and differentiated business model, positions us well to deliver the best experience for customers alongside superior and sustainable returns for shareholders.
Creating the best customer experience
We are improving customer experience with our multi-brand, multi-channel approach, combining digital capabilities with face-to-face services.
Becoming simpler and more efficient
We are creating operational capability which is simpler and more efficient than today through further system enhancement and integration.
Delivering sustainable growth
We are further developing Group-wide growth opportunities within our prudent risk appetite.