Lloyds Banking Group is set to inject an additional £1bn into digital channels over the next three years.
At the same time, the lender has confirmed the net closure of 150 branches and laying off of 9,000 positions in a digital strategy switch.
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The move aims to capitalize on the trend of decrease in branch transactions, and adoption of mobile and online banking by more consumers.
The lender now aims about 45% in cost-to-income ratio by the end of 2017.
Commenting on the role of the branch in the coming days, António Horta-Osório, Lloyds Group chief executive, said, "We are committed to ensure that over 90% of Lloyds and Bank of Scotland customers will continue to have a branch within five miles of their home while the Halifax branch network will be maintained."
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