Despite recently confirming plans to cut 250 IT jobs, Lloyds has assigned a £3bn coffer to a digital transformation plan to "drive additional operational efficiencies".
The banking giant has revealed the plans to spend the money on improving its technology infrastructure and services over the next three years.
It said it wants to become a "digitised, simple, low-risk, customer-focused, UK financial services provider" by implementing new digital technologies.
The plans include the "simplification and progressive modernisation" of its data and IT infrastructure.
Earlier this month, CRN's sister title Computing reported that Lloyds admitted to plans to axe a total of 250 IT jobs, as part of cuts that would also affect its commercial banking, community banking, risk, insurance and wealth departments.
Despite this, Lloyds insists the digital transformation plan will drive technology-enabled productivity improvements across its business.
António Horta-Osório, group chief executive at Lloyds, said the investment would ready the firm for success in the digital age.
"Over the last six years the group has made huge progress and has built many strong capabilities including the largest and top-rated digital bank in the UK," said Horta-Osório.
"As we enter the next phase of our journey, our team is determined to further improve the business, enhance customer experience and deliver superior shareholder returns.
"The external environment is evolving rapidly and I am confident that this exciting and ambitious plan, with the significant additional investment, will mean we remain at the forefront of UK financial services, and continue to deliver our mission of helping Britain prosper."
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