UK bank Lloyds TSB quadrupled product sales over ther Internet in 2002 compared to the previous year.
Reporting its results for the year end December 2002, the high street banking group says its Internet banking system continues to grow and remains one of the most visited financial websites in Europe. Over 450,000 product sales were achieved via the Internet in 2002, more than four times the number achieved in 2001.
Telephone banking also continues to grow, with over 3 million registered customers making some 46 million calls in 2002.
The bank has invested considerably in the delivery of real-time customer information and relationship management tools at its 2000-strong network of branches, under a strategy aimed at bulding deeper relationships, particularly with higher value customers. Lloyds TSB says the investment is beginning to pay off with solid growth in customer lending and deposit balances.
Despite reporting a £554 million (18%) decline in group profits, customer lending grew by nine per cent to £134.5 billion and customer deposits increased by seven per cent to £116.3 billion.
The bank says it will launch a new Premier Service account in 2003, following a successful pilot scheme in 2002, and extend its existing Personal Choice programme.
"Results from both of these programmes have already shown improved business flows and enhanced customer loyalty as we seek to meet a greater share of our customers' financial needs, supported by the application of our advanced customer relationship management tools," says the bank in a statement.