Strategy and purpose
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.
Building on our strong foundations, we have launched a new strategy to transform the business and create higher, more sustainable value.
Growth is a core focus of our strategy. Around two-thirds of our £3 billion strategic investment over the next year is aligned to growing and diversifying revenue.
In the Consumer segment, we aim to bring more of our products and services to our existing customers, as well as to innovate and broaden our product offerings and make it easier for customers to access them through our intermediary partners.
In addition, we will create a new mass affluent proposition to grow in this attractive and underserved market segment across banking, protection and simple wealth. In our SME business, we aim to digitise our offering and grow and diversify our revenues in products and sectors where we have lower market share today.
Finally, we will target disciplined growth of our Corporate and Institutional business.
As we invest to grow and diversify our revenue, it is essential to maintain our disciplined cost approach. One of our key imperatives is to reduce our cost of technology run and change. We also need to reduce cost-to-serve our customers through further end-to-end digitisation and, finally, we will reduce our central functions and office footprint overheads.
The Group’s capital efficient business model will be strengthened by our strategic initiatives, continued rigid discipline on pricing and returns, portfolio management and enhancement of capital efficient capabilities. Our new growth initiatives reflect disciplined participation choices, focusing on new, less capital intensive, fee generating businesses.
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.
Building an inclusive society
- Improving access to quality housing
- Promoting financial inclusion and education
- Enabling regional development
- 50% female, 13% Black, Asian and Minority Ethnic with 3% Black heritage colleagues in senior roles by 2025
Supporting the transition to a low-carbon economy
- Reduce carbon emissions we finance by >50% by 2030, on the path to net zero by 2050 or sooner
- Net zero own operations by 2030
- Sustainability outcomes embedded across business priorities
start ups, small businesses and charities supported
green and ESG related finance delivered
helped small businesses to boost their digital capability
trees planted in partnership
with The Woodland Trust
provided to customers