We have made a strong start to our transformation initiatives and are on track to deliver customer benefits and efficiency gains in 2024 and beyond. Our investment case is based on six key areas:
A new Chairman, Chief Executive and Chief Financial Officer are now in post, supported by a blend of new and experienced Board members and a well-balanced Executive Committee of new and long-serving leaders.
The consumer lending market is undergoing considerable change, marked by economic headwinds, digital innovation, regulatory evolution and a socially motivated drive towards financial inclusion. We are well placed to capitalise on these trends.
We benefit from a differentiated approach to our target customers and have carefully developed propositions to respond to their needs. Assets to help us meet these needs include the Snoop money management app and access to retail funding.
Our strategic initiatives cover customer centricity; insightful risk management; efficient organisation; digital, technology, data and analytics; and people and culture.
We will measure our success through a series of customer-focused and financial measures. As a result of the strategic initiatives under way, we project an increase in adjusted return on tangible equity (ROTE) to ‘mid-teens’ by 2026.
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