The Current and Future use of Internet Technologies for LLoyds TSB - Case Study Example

The Current and Future use of Internet Technologies' for LLoyds TSB Executive Summary Lloyds TSB Group is one of the foremost organizational groups in UK. It has approximately 66,000 employees in the UK and in 27 countries all over the world. Lloyds TSB business serves about 16 million customers, functioning in a multiplicity of financial markets. These integrate corporate banking, personal and classified banking mortgages and insurance. In this report I will analyze the Lloyds TSB internet business.1 Here I have aim to discuss and analyze the current and future use of Internet Technologies by the Lloyds TSB. This report also includes the recommendation regarding the Web design, E-Marketing and B2B area and also regarding the Sales and Customer Service. In this section I will analyze and conduct the analysis of the current and future use of Internet Technologies by the Lloyds TSB and the area where they must pay attention to enhance there E-Marketing, web design, B2B and sales and customer service. This discuss also incorporates the other aspects if they need more attention. Lloyds TSB offers a inclusive range of banking and economic services to a onumber of 16 million individual consumers throughout over 2,000 branches athwart the UK, in addition to telephone and internet banking services. This Group is one of the foremost mortgage lenders in the UK, by means of a marketplace contribution of 8.8 % as at the end of 2006. Profit previous to tax from UK Banking in year 2006 was £1,549 million. 2 Insurance and Investments have also integrated internet competence and the profit in year 2006 was £950 million. Wholesale and International Banking also incorporate internet competence and profit at the end of 2006 were £1,640 million.3 Here I will use the Porter's Five Forces model for the analysis for the Lloyds TSB E-Marketing, web design, B2B and ales and Customer Service seniors. Below I have presented the graphical representation of Porter's Five Forces model. I will analyzes each Lloyds TSB Current and Future use of Internet Technologies and there effect and advantages to the E-Marketing, web design, B2B and ales and Customer Service seniors this all discussion will be according to this model. Figure 1 Porter's 5 forces analysis –source-[http://en.wikipedia.org/wiki/Image:Porters_five_forces.PNG] Porter's 5 forces analysis is a configuration for the business analysis and company policy development. It employs thoughts urbanized in Industrial Organization economics to obtain 5 forces that come to a decision regarding the competitive strength and consequently pleasant appearance of a marketplace. Threats of new event: as the technology is evolving every business wants to present its customers the unsurpassed products and services. In the banking sector the technology has affected the customer behavior. Now they require more ease and security. By keeping this in mind the Lloyds TSB have expands mobile banking (Smith et al, 1995). Lloyds TSB has introduced an additional mobile functionality and facility to its internet banking service. At present, the bank presents straightforward mobile features like asking for balance information and alerts for when a card is utilized out of the country by means of SMS. By means of the innovative service, obtainable from mid October 2007, consumers will be capable to utilize additional features like that the capability to move cash among Lloyds TSB accounts (Smith et al, 1995). The innovative mobile banking pack as well as presents high and low bank account credit text alerts, overdraft notices mini reports and top-up ability for pre paid cellular phone. However the bank does not intend to propose the prospect of setting up straight withdrawals or making one-off expenses by means of mobiles. 4 Here we can think some security lacks in these services but Lloyds TSB has provided the PIN blocking methods and encryption, safety for the system experiences diffusion testing on each week and the procedures are tartan by specialists every quarter. Lloyds TSB bank's major target for the latest service is accessible consumers for whom mobile banking is previously fraction of their way of life; this is said by director at Lloyds TSB Ashley Machin.5 Threats of new Entrants: now I will discuss the threats of new entrants regarding the Lloyds TSB Bank’s scenario. TSB has elected Schlumberger Test & Transactions, a company segment of Schlumberger Limited, to proffer the essential link in the PKI public key communications security series for its latest internet-based business-to-bank services. Below the conditions of the contract, Schlumberger will offer 'smart enabling' kits that includes the cards & readers for consumers and hold the whole delivery chain, from UK based card developed, personalization, and execution in the course of to resolution installation and maintain for Lloyds TSB's own helpdesk services. 6 The plan, at present in its pilot phase, is the preliminary large-scale smart card-enabled internet banking scheme in Europe. Competitive rivalry within industry: in this prospect the Lloyds TSB has adopted more secure and customer friendly web transaction management system. Phishing is becoming the very hard problem in the online banking. Lloyds TSB have incorporated Anti-phishing hardware technology. Lloyds TSB is deploying a token based safety /safety with 30,000 of its online banking clients in an endeavor to clean-up the phishing risk and other fraud attacks. Throughout the pilot, the clients will log on to their online banking account with their username and password as ordinary however will as well have to make use of a one time six number code produced by the token. After this they have to enter one more code produced by the token for some unambiguous kinds of transactions, like bill payments, in its place usual password. Matthew Timms who is internet banking director of the Lloyds TSB, talked to silicon.com: and said that this is the opening wide-ranging scale pilot of its type in the UK. Online is turning out to be a more and more significant area for consumers and upholding self-assurance in such an vital channel is important. He also informed that they are looking at is placing barriers in the way and creating it harder for fraudsters.7 As we talk about the Lloyds TSB B2B current developments. A current development on the Lloyds TSB online Auto-lease, Lloyds TSB appoints IAS B2B. IAS B2B Public Relations has been elected to express the P-R account of Lloyds TSB bank’s Auto-lease that is also known as LTSBA. 8 IAS B2B has been assigned with mounting LTSBA's profile amongst core fleet manager audiences in addition to a rising amount of procurement influencers, comprising business and human resources. Now I will discuss the Lloyds TSB we design and there user centric approach and target marketing regarding the web contents. Lloyds TSB user interface is user-friendly and day by day it enjoys a innovative and improved navigation system, here the information search more straightforward, we have a clearity separation among the different sections. This approach makes the web contents and information to have more usable. The web deigns uses light colors that do not distract the attention (Mackintosh et al, 2002). In addition, there is regular assessment and modification of the contents regarding the Products & Services pages this creates a more wide-ranging Wealth Management section for the Lloyds TSB online e-business. on the Lloyds TSB web we can have a clearer overview of new offers and help that can help the customers to better manage there wealth. There is feature of the News box that is newly added to the website this news box keeps the customer up to date of all the most important Lloyds TSB International Private Banking news and offers, like that the latest press releases for the business or new product launches. Here these all news will be archived in a latest Communication page, and the customer can access them via the quick access section.  Lloyds TSB has tried very much to offer the customers the best facilities on the web regarding the online banking and in account management. The website looks good but as I have observed there is information overloading. We spend much time for finding a particular item or information on the site. I also got there is no search engine on the site, that make the information search more difficult. Another point that attracted my attention regarding weak points of Lloyds TSB’s site that is language button or can say link very difficulty. Lloyds TSB have its business in approximately 28 countries worldwide but the language choice is deep inside in the other links. Lloyds TSB have three E-Marketing sections those consist of corporate banking, personal and private banking mortgages and insurance. On the web we can have an understandable distention among these three areas. They have targeted three areas well. When we open the main page of the Lloyds TSB website then we have information and main page headlines regarding all type of clients. This strategy makes the information distributions very easier and well among all groups and types of customers. So we can say that Lloyds TSB have researched well to present and target there customers. 9 Conclusion In this paper I have discussed the Lloyds TSB e-business current and future trends. I have discussed their web design, e-marketing and a several other features that Lloyds TSB have done to attract and retain its customers. In this era the online security is biggest issue and Lloyds TSB has taken very effective steps to manage and execute the better security for there customers. I have also talked about these steps that Lloyds TSB have taken to manage the online customer and trisection security. So concluding this all I have analyzed that Lloyds TSB have very effective e-marketing policy and management plans that makes them the UK’s biggest online baking king, and I hope that they will retains these policies throughout so that there customers more enhanced facilities. References 1. Smith, Alison, and Patrick Harveson. 1995. "The Bank That's About to Say Yes: The Likely Shape of a Merged Lloyds-TSB Group Is Already Becoming Clear," Financial Times (London). 2. Mackintosh, James. 2002. "High Street Banks Lose Share of Richer Clientele; Financial Services Lloyds TSB Worst Hit by Drift Towards Online Services and Offshore Investment," Financial Times (London), 3. Rodgers, Peter. 1996. "The Bank That Wants to Be Just Like Coca-Cola; Lloyds-TSB's New Chairman Is Inspired by a Soft Drink Company," Independent (London), 4. Gapper, John. 1994. "Uncertainty Reigns in Absence of a Transaction--The Greatest Concern Over Lloyds Bank: What Will It Do with Its Money," Financial Times. Read More