List of Stakeholders

Here is the list of stakeholders of Lloyds Banking Group UK.

Internal Stakeholder

Employees

The effects of digital transition and the difficulties of using outdated systems are felt most acutely by employees. They will have to learn new things or find other ways to do things to accommodate the changing technology and procedures. Employee buy-in and participation are crucial to the success of digital projects (Saputra et al., 2023). Frustration from inefficiencies and limited capabilities is a common experience with legacy systems. Staff members are considered high-interest and high-power stakeholders in Mendelow’s Matrix because new technology implementations significantly affect their day-to-day work and job satisfaction.

Shareholders

Lloyds Banking Group’s long-term sustainability and financial returns are the primary concerns of its shareholders. Although essential, digital transformation may be hazardous and costly(Rodrigues et al., 2022). How well the bank is juggling these efforts with the upkeep and improvement of older systems is something that shareholders evaluate. Their investment and voting rights greatly influence strategic choices, placing them in a high-interest and high-power position in Mendelow’s Matrix.

Board of Directors & Management Team

It is up to the board of directors and the management team to resolve problems associated with legacy systems and to guide the digital transformation path. Operating efficiently, meeting regulatory requirements, innovating, and satisfying customers are all competing priorities (Gabion & Bolton, 1992). The future of the organization is significantly affected by their actions. Because of their outsized role in making critical strategic decisions, they are located in the high-interest and power quadrant of Medlow’s Matrix.

Internal Committees

Digital transformation activities and difficulties with legacy systems are mainly supervised and guided by internal committees, including those for innovation, risk management, and information technology (Gabion & Bolton, 1992). They try to plan, strategize, and stay in sync with the organization’s objectives. Their interest in these efforts is vital, yet their location in Mendelow’s Matrix fluctuates in power based on their duties and influence within the business.

Employees Union

Job security, working conditions, and employee rights are some of the workforce issues that Employees unions are worried about due to digital transformation. They speak out for the workers regarding talks and negotiations about these reforms. They care deeply about the well-being of their employees, making them high-interest stakeholders in Mendelow’s Matrix. However, they only can influence decisions, not make them directly (Fuqua et al., 2021).

External Stakeholder

Customers

Lloyds Banking Group’s customers feel the effects of the digital revolution and the aging infrastructure. They anticipate financial services that are up-to-date, effective, and protected (Rodrigues et al., 2022). Any interruption or lack of efficiency may affect customer happiness and loyalty. Customers are a bank’s most essential stakeholders in Mendelow’s Matrix because their happiness and loyalty are the lifeblood of the business (Demas & Toffee, 2004).

Policymakers and Authorities

The involvement of government and regulatory agencies in supervising the banking industry is substantial. Their primary concern is the legality of Lloyds Banking Group’s digital transition. Its legacy systems may compromise the bank’s capacity to comply with new regulations. Their regulatory authority gives them significant power in Mendelow’s Matrix, although their interest level might change. (Tardieu et al., 2020)

Suppliers

The digital transformation and legacy system policies of Lloyds Banking Group affect the technology and service providers who supply the bank. As a result of these changes, certain services may be discontinued, or new needs may arise. They may care little about the bank’s inner workings, but their influence may grow or shrink depending on the nature of their contract and the services they provide. (Pragmatic et al., 2019)

Creditors

Particularly during heavy investment in digital transformation and legacy system management, creditors worry about the bank’s financial stability and health. With these shifts in mind, they calculate their assets’ potential gain or loss. Creditors are high-interest, high-power stakeholders in Mendelow’s Matrix because of their investment choices’ influence on the bank’s strategy and their financial leverage. (Pragmatic et al., 2019)

Non-Governmental Organization

Everyone has a stake in knowing how the digital policies and activities of Lloyds Banking Group affect many social, economic, and environmental aspects. They may not be able to influence the bank’s actions directly, but they have a say in important matters like CSR and ethics. They have varied degrees of interest but are classified as low power in Mendelow’s Matrix. Gabion & Bolton, 1992).

Competitor

The way Lloyds Banking Group deals with the issues of digital transformation and legacy systems is closely watched by competitors. They could do well to familiarize themselves with the bank’s achievements and failures in these domains. They do not care much about or have any say in the bank’s day-to-day operations, but they have a vested interest in the big picture. (Gabriel & Pillai, 2021)

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