Latest news with #LloydsBankingGroup
BBC News
17 hours ago
- Business
- BBC News
Oxfordshire libraries to trial new pop-up bank branches
People in Oxfordshire who want to use face-to-face banking services may soon be able to go their local library to make their financial county council is looking for ways to use its libraries to host pop-up banks, focusing on areas where traditional services have already is in response to an increasing number of banks and building societies leaving the high street in favour of providing more online Library has already trialled the idea, working with the Lloyds Banking Group to provide Community Banking Support. The service is due to end later this week, but similar plans are now being made for other libraries in Oxfordshire, as well as council 2024, 7% of day-to-day account holders had not used online banking or a mobile banking app in the last 12 months, according to the Financial Conduct Authority. The main reasons given were preferring to speak with someone in person (41%) and a concern that digital banking was not secure (37%).In Oxfordshire, there are currently eight areas without any traditional banking services, including Benson, Carterton, Chinnor, Eynsham, Faringdon, Grove, Shrivenham and Sonning Common. Pop-up banks are already being used in other community spaces in Oxfordshire, including the Cornerstone Arts Centre in can get advice on money management and products and services, but cannot pay in cheques or take out cash. Cornerstone staff said the service was popular and that other high street banks had approached them about operating at the Davies, who works in Didcot, said she visited the Barclays Local branch at the Cornerstone Arts Centre to pay in a cheque before being directed to the post office. "I really like the online banking," she said."I don't think I've had to pay a cheque in for a year... it's not a common request but I do need to pay it in." Visiting the service with her mother, Valerie Asher, Sharon Hawkins said her mother would prefer to visit branches in-person. "Mum's not very good with technology, so without a bank she can't do her banking and relies on family to help her," Ms Hawkins said."[The pop-up] is helpful... but I think Mum would prefer to go to a bank, but obviously most of them have been closed." Halifax has also been operating its Community Banker service at the nearby Didcot Library for one day a week, but the service is now closing. The bank said its customers could use the Lloyds branch in Market Place for in-person banking. You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram.
Finextra
a day ago
- Business
- Finextra
Lloyds trumpets GenAI knowledge hub's impact
Lloyds Banking Group has built an AI knowledge hub that slashes the time it takes customer-facing employees to answer queries. 0 The UK banking giant's first major GenAI product, the Athena hub acts as a one-stop knowledge shop of information for customer-facing staffers. It can scan the 13,000 internal articles that make up Lloyds' internal knowledge hub for supporting queries on every possible topic a customer could need help with. The tool has reduced the average search time from 59 seconds 20 seconds - a 66% change. Lloyds says that for its telephone banking teams alone, this will lead to 4000 hours of time spent searching - and customers waiting - saved. Since the start of 2025, 21,000 employees have used Athena to search 2.1 million times. By the end of the year, the Group aims to introduce Athena to more users in relevant customer support roles, hitting an estimated 40 million searches. Ranil Boteju, group chief data and analytics officer, Lloyds, says: 'Athena is a monumental leap in our digital and strategic evolution, as we harness the power of generative AI to supercharge efficiency and elevate the customer experience. This technology isn't just an upgrade—it's a revolution. "We are freeing up thousands of hours as Athena puts critical information at our colleagues' fingertips, leaving them free to help our customers with more complex, bespoke needs. The future of work is here, and we're leading the charge!" Earlier this year, Lloyds revealed that it was building a new machine learning and GenAI platform using Google Cloud's Vertex AI. The bank says it expects the technology to bring in at least £50 million in revenue growth and productivity improvements in 2025.
The Herald Scotland
2 days ago
- Business
- The Herald Scotland
Reeves sets out sweeping reforms to financial sector in search for growth
Ms Reeves, who also hopes for increased taxes from a growing economy to help balance her books, said the reforms unveiled in Leeds would help with 'reinvigorating the whole economy'. Chancellor Rachel Reeves sits alongside Economic Secretary to the Treasury Emma Reynolds during a roundtable discussion with top finance executives at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) The plans include measures to make it easier for first-time buyers to get on the housing ladder with increased levels of borrowing and efforts to support new financial technology – fintech – firms grow in the UK. The Chancellor said: 'We are fundamentally reforming the regulatory system, freeing up firms to take risks and to drive growth. 'Second, we're providing certainty for banks operating in the UK, and ensuring that UK banks have the ability to compete internationally and drive economic growth. 'Third, we're doubling down on making the UK an innovation capital and the place of choice for fintechs to start up, to scale up and to list in the UK. 'Fourth, we're seizing opportunities in areas where we are already world leading, including asset management, sustainable finance and specialty insurance. 'And fifth, we are delivering prosperity by increasing the firepower of our capital markets and boosting retail investment.' She said the 'Leeds reforms' are intended to 'really invigorate our financial services sector, but with the core purpose of therefore reinvigorating the whole economy'. Chancellor Rachel Reeves (centre) with Lloyds Banking Group chief executive Charlie Nunn (top of table, left) and Economic Secretary to the Treasury Emma Reynolds (top of table, right) at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) Ms Reeves said the financial services industry accounted for 9% of gross domestic product – a measure of the size of the economy – and was 'a big source of tax revenue' for the Treasury. More mortgages will be available at more than 4.5 times a buyer's income following recent Bank of England recommendations that some lenders can offer more high loan-to-income mortgages if they choose to. This will create up to 36,000 additional mortgages for first-time buyers over the first year, the Government said. Britain's biggest building society – Nationwide – announced last week that it is aiming to increase its high loan-to-income lending limit. From Wednesday, eligible first-time buyers can apply for Nationwide's Helping Hand mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000. It is estimated this will support an additional 10,000 first-time buyers each year. The changes will sit alongside the creation of a permanent mortgage guarantee scheme, delivering on a manifesto commitment, and a review of Financial Conduct Authority (FCA) lending rules that could allow prospective buyers' records of paying rent on time to be used to show they can afford mortgage repayments. Further details of Ms Reeves' plans will be set out in her Mansion House speech in the City of London on Tuesday night. Chancellor Rachel Reeves and Economic Secretary to the Treasury Emma Reynolds look from a window at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) She is expected to say: 'I welcome the recent changes the (Bank of England) Financial Policy Committee has announced to the loan-to-income limit on mortgage lending, which the PRA (Prudential Regulation Authority) and FCA are implementing immediately. 'With an instant impact for consumers, such as Nationwide offering its Helping Hand mortgage to more first-time buyers – supporting an additional 10,000 each year.' The Chancellor is expected to add: 'Today, I have placed financial services at the heart of the Government's growth mission. 'Recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving. 'And I have been clear on the benefits that that will drive. 'With a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.'
Western Telegraph
2 days ago
- Business
- Western Telegraph
Reeves sets out sweeping reforms to financial sector in search for growth
The Chancellor hopes the drive to cut red tape and increase innovation, billed as the biggest changes in more than a decade, will turn around an economy which has shrunk in recent months. Ms Reeves, who also hopes for increased taxes from a growing economy to help balance her books, said the reforms unveiled in Leeds would help with 'reinvigorating the whole economy'. Chancellor Rachel Reeves sits alongside Economic Secretary to the Treasury Emma Reynolds during a roundtable discussion with top finance executives at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) The plans include measures to make it easier for first-time buyers to get on the housing ladder with increased levels of borrowing and efforts to support new financial technology – fintech – firms grow in the UK. The Chancellor said: 'We are fundamentally reforming the regulatory system, freeing up firms to take risks and to drive growth. 'Second, we're providing certainty for banks operating in the UK, and ensuring that UK banks have the ability to compete internationally and drive economic growth. 'Third, we're doubling down on making the UK an innovation capital and the place of choice for fintechs to start up, to scale up and to list in the UK. 'Fourth, we're seizing opportunities in areas where we are already world leading, including asset management, sustainable finance and specialty insurance. 'And fifth, we are delivering prosperity by increasing the firepower of our capital markets and boosting retail investment.' She said the 'Leeds reforms' are intended to 'really invigorate our financial services sector, but with the core purpose of therefore reinvigorating the whole economy'. Chancellor Rachel Reeves (centre) with Lloyds Banking Group chief executive Charlie Nunn (top of table, left) and Economic Secretary to the Treasury Emma Reynolds (top of table, right) at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) Ms Reeves said the financial services industry accounted for 9% of gross domestic product – a measure of the size of the economy – and was 'a big source of tax revenue' for the Treasury. More mortgages will be available at more than 4.5 times a buyer's income following recent Bank of England recommendations that some lenders can offer more high loan-to-income mortgages if they choose to. This will create up to 36,000 additional mortgages for first-time buyers over the first year, the Government said. Britain's biggest building society – Nationwide – announced last week that it is aiming to increase its high loan-to-income lending limit. From Wednesday, eligible first-time buyers can apply for Nationwide's Helping Hand mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000. It is estimated this will support an additional 10,000 first-time buyers each year. The changes will sit alongside the creation of a permanent mortgage guarantee scheme, delivering on a manifesto commitment, and a review of Financial Conduct Authority (FCA) lending rules that could allow prospective buyers' records of paying rent on time to be used to show they can afford mortgage repayments. Further details of Ms Reeves' plans will be set out in her Mansion House speech in the City of London on Tuesday night. Chancellor Rachel Reeves and Economic Secretary to the Treasury Emma Reynolds look from a window at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) She is expected to say: 'I welcome the recent changes the (Bank of England) Financial Policy Committee has announced to the loan-to-income limit on mortgage lending, which the PRA (Prudential Regulation Authority) and FCA are implementing immediately. 'With an instant impact for consumers, such as Nationwide offering its Helping Hand mortgage to more first-time buyers – supporting an additional 10,000 each year.' The Chancellor is expected to add: 'Today, I have placed financial services at the heart of the Government's growth mission. 'Recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving. 'And I have been clear on the benefits that that will drive. 'With a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.'
Glasgow Times
2 days ago
- Business
- Glasgow Times
Reeves sets out sweeping reforms to financial sector in search for growth
The Chancellor hopes the drive to cut red tape and increase innovation, billed as the biggest changes in more than a decade, will turn around an economy which has shrunk in recent months. Ms Reeves, who also hopes for increased taxes from a growing economy to help balance her books, said the reforms unveiled in Leeds would help with 'reinvigorating the whole economy'. Chancellor Rachel Reeves sits alongside Economic Secretary to the Treasury Emma Reynolds during a roundtable discussion with top finance executives at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) The plans include measures to make it easier for first-time buyers to get on the housing ladder with increased levels of borrowing and efforts to support new financial technology – fintech – firms grow in the UK. The Chancellor said: 'We are fundamentally reforming the regulatory system, freeing up firms to take risks and to drive growth. 'Second, we're providing certainty for banks operating in the UK, and ensuring that UK banks have the ability to compete internationally and drive economic growth. 'Third, we're doubling down on making the UK an innovation capital and the place of choice for fintechs to start up, to scale up and to list in the UK. 'Fourth, we're seizing opportunities in areas where we are already world leading, including asset management, sustainable finance and specialty insurance. 'And fifth, we are delivering prosperity by increasing the firepower of our capital markets and boosting retail investment.' She said the 'Leeds reforms' are intended to 'really invigorate our financial services sector, but with the core purpose of therefore reinvigorating the whole economy'. Chancellor Rachel Reeves (centre) with Lloyds Banking Group chief executive Charlie Nunn (top of table, left) and Economic Secretary to the Treasury Emma Reynolds (top of table, right) at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) Ms Reeves said the financial services industry accounted for 9% of gross domestic product – a measure of the size of the economy – and was 'a big source of tax revenue' for the Treasury. More mortgages will be available at more than 4.5 times a buyer's income following recent Bank of England recommendations that some lenders can offer more high loan-to-income mortgages if they choose to. This will create up to 36,000 additional mortgages for first-time buyers over the first year, the Government said. Britain's biggest building society – Nationwide – announced last week that it is aiming to increase its high loan-to-income lending limit. From Wednesday, eligible first-time buyers can apply for Nationwide's Helping Hand mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000. It is estimated this will support an additional 10,000 first-time buyers each year. The changes will sit alongside the creation of a permanent mortgage guarantee scheme, delivering on a manifesto commitment, and a review of Financial Conduct Authority (FCA) lending rules that could allow prospective buyers' records of paying rent on time to be used to show they can afford mortgage repayments. Further details of Ms Reeves' plans will be set out in her Mansion House speech in the City of London on Tuesday night. Chancellor Rachel Reeves and Economic Secretary to the Treasury Emma Reynolds look from a window at Lloyds Banking Group's offices in Leeds (Oli Scarff/PA) She is expected to say: 'I welcome the recent changes the (Bank of England) Financial Policy Committee has announced to the loan-to-income limit on mortgage lending, which the PRA (Prudential Regulation Authority) and FCA are implementing immediately. 'With an instant impact for consumers, such as Nationwide offering its Helping Hand mortgage to more first-time buyers – supporting an additional 10,000 each year.' The Chancellor is expected to add: 'Today, I have placed financial services at the heart of the Government's growth mission. 'Recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving. 'And I have been clear on the benefits that that will drive. 'With a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.'
