You are here: Home - Saving-Banking - News -

Are Lloyds and Halifax customers set for banking service shake-up?

Written by:
Lloyds Banking Group is looking at ways to tap into the “attractive” and “under-served” mass affluent market which could mean changes in the service it provides.

In its 2021 annual report, Lloyds confirmed its intention to create a new mass affluent offering, including a “digital-first integrated offering” combining banking, insurance and investment products.

It set out it wanted to target around two million customers with income or wealth above £75,000 to “create a step change in how the group engages with affluent customers to meet their holistic needs”.

And according to documents obtained by the Mail on Sunday, it suggests Lloyds – including Halifax and Bank of Scotland – is set to create a tier system according to how much profit they generate.

The report suggested that ‘lower tier’ customers could face longer phone wait times and be encouraged to use ‘self-serve’ solutions.

However, Lloyds denied any plans to reduce service quality for any customer groups, adding that it’s mass affluent offerings will be similar to premier type services offered by competitors.

A spokesperson, said: “As we said at our strategic update in February, we are looking to deepen relationships with existing customers and to develop a mass affluent offering, where we are currently under-represented.

“This means we will continually look at ways to tailor what we offer to meet the changing needs of all of our customers.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week

Privacy Preference Center