Purpose and strategy
Our purpose is Helping Britain Prosper. We do this by creating a more sustainable and inclusive future for people and businesses, shaping finance as a force for good.
Our mission is everything. It’s what drives us, what makes us different and defines how we profitably grow. It’s how we’ll create a future where our planet is cared for, people feel safe and included, and businesses and communities can thrive.
We serve millions of individuals, families and businesses, big and small, every day. This means we’re better placed than anyone to make the way that we spend, save, borrow, invest and protect what matters, a force for good.
We will lead in the bold decisions we make as a business, from where and how we invest, to the products and services we offer, to the workplace we create. We will search for new ways to work with people, communities and businesses, to always evolve with their needs. And we will never stop innovating to make sustainable, ethical choices easy and rewarding.
With restless energy for positive change, we are reshaping financial services so they’ll work for Britain, for generations to come.
We have three strategic priorities which will enable us to deliver our vision of being the UK customer-focused digital leader and integrated financial services provider, capitalising on new opportunities, at scale.
Growth is a core focus of our strategy. Around two thirds of our £3 billion strategic investment over 2022 to 2024 is aligned to growing and diversifying revenue.
We aim to deepen and innovate in Consumer to bring more of our products and services to our existing customers, as well as broaden our product offerings and make it easier for customers to access them through our intermediary partners. We are creating a new mass affluent offering to grow in this attractive and underserved market segment across banking, protection, and investments.
We aim to digitise and diversify our SME business, growing revenues in products and sectors where we have lower market share today. Finally, we are developing our Corporate and Institutional business to deliver disciplined growth.
As we invest to grow and diversify our revenue, it is essential to maintain our disciplined cost management approach.
We will also look to further improve capital efficiency as we maintain our strong balance sheet with a disciplined risk approach, pursuing growth in capital-lite, fee generating businesses and generating capital.
How we're Helping Britain Prosper
For over 320 years, with our unique family of brands, we have supported Britain through the good times and the bad.
Our impact last year
raised through customer and colleague fundraising to support Crisis, our charity partner
apprentices, graduates and engineers trained through our investment into the Manufacturing Technology Centre
businesses supported with customer resilience resources
achieved in sustainable finance for corporate and institutional customers by the end of 2023