Hence the upping of technology spend, says Chief Operating Officer Juan Colombás: For our business, it is critical that we are able to deliver innovative services to customers, while also improving our efficiency and our flexibility. We are, therefore, significantly increasing our technology spend. This spend equates to around 15% of our operating cost base and for the full year, is expected to be around 20% higher than in 2017. This puts us in line with a number of top quartile global peers who are leading large transformation programs.

https://diginomica.com/2018/08/02/lloyds-banking-group-a-3-billion-digital-transformation-progress-report/