Lloyds Banking Group is targeting around £2 billion in annual cost savings by 2030 as part of its new strategic plan, Accelerate 2030. Chief executive Charlie Nunn stated that artificial intelligence (AI) is "going to impact work" and will necessitate reskilling and hiring new staff.
The bank aims to reduce its overall cost-to-income ratio to less than 45 per cent by 2030, down from 50 per cent in 2026. Nunn indicated that previous strategies achieved around £2 billion in "growth cost savings" through office footprint changes, technology improvements, and operational efficiencies, and these approaches will continue.
Lloyds plans to invest over £13 billion in digital services, which will include the launch of a new smart wallet. The group integrated Apple Pay rival Curve into its services after acquiring it in November 2025.
Nunn also mentioned leveraging blockchain technology to potentially reduce mortgage approval waiting times to around three days. Earlier this year, Lloyds completed the UK's first public blockchain transaction using tokenised deposits to purchase UK government bonds with instant settlement.