British bank Lloyds has put aside £3 billion ($4.1 billion) for digital development and growth, the bank announced today.

The investment will be spread out over three years, allowing the bank to expand its technologies in order to compete with the increasing number of fintechs and digital banking providers.

The  £3 billion is a 40% increase on the spend Lloyd marked for its previous three-year expansion plan.

The plan is also a cost-cutting measure; Lloyd’s is aiming the investment towards reducing costs to less than £8 billion in 2020.

Antonio Horta-Osorio, CEO for Lloyds, said in a statement:

Given our strong capabilities and the significant progress made in recent years we believe we are in a unique position to compete and win in this environment by developing additional competitive advantages. We will continue to transform ourselves to succeed in this digital world and the next phase of our strategy will ensure we have the capabilities to deliver future success.

Read more at Finextra and City A.M.

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