Lloyds Banking Group is set to cut thousands of jobs and close more branches as it embraces a new era in digital banking.
The digital strategy will form the centrepiece of a three-year plan to be unveiled alongside the bank's third-quarter financial results on October 28, according to a report in the Times, which cited un-named 'City sources'.
The report states the the bank intends to build its digital team and that some staff would be able to transfer to the new operation.
A quick scan of Lloyds' careers board on LinkedIn gives an indication as to the direction bank is moving.
Recent posts include an opening for a 'digital innovation culture manager' to act as a 'change agent', responsible for instilling an innovation culture within the group. Other roles up for grabs include an 'innovation manager', 'head of special projects' and a 'programme manager' for the bank's recently established digital centre of excellence.
Lloyds is also on the hunt for a 'customer experience strategy manager' who will be responsible for "creating a common user experience framework and approach for rapid prototyping initiatives across LBG".
The role will be required to define the UX strategy, remit and deliverables around customer experience prototyping and testing activities. The ideal candidate will probably come from a consulting background and be able to demonstrate a high level of creativity and stakeholder management skills.
"The role is based in a high profile team and you'll additionally need to recruit a team of digital experts on product management, analytics, digital marketing and digital design," the ad states.
Within the last few hours, the bank has also posted openings for 'digital senior solutions designers' with a proven track record in leading or managing, software design delivery of both offshore and onshore partners.
The digital strategy has been brewing for some time. Lloyds claims to be the first UK bank to have a chief digital officer - Miguel-Ángel Rodríguez-Sola - who also heads the digital, marketing and customer development group function setup last year.
The latest figures from the quarterly CBI/PwC survey of the UK financial services sector show a return to confidence on positive trading data and an increase in IT spending to ward off competition from a new breed of challenger banks.
Kevin Burrowes, UK financial services leader at PwC, says: "There is an increasing focus on new services and technology-enabled growth. Time will tell if established banks are underestimating their need for digital capabilities as we see a continued influx of new entrants without the chains of legacy systems, meaning that tougher competition is an increasing concern. There are hints of a new 'war for talent' and tighter monetary policy in 2015 could also pose a challenge."