The 3 Key Findings In The Lloyds Bank Business And Charity Digital Index

Since 2014, Lloyds Bank has been publishing a Business and Charity Digital Index that measures the digital skills and capability of charities and small to medium-sized enterprises (SMEs) in the UK. Using a unique set of online data, the Index is the largest and indeed, only measure of its kind.
man with reports

For the first time, Lloyds Bank has provided a five-year overview of the data it has analysed, allowing comparisons to be made going back to the inaugural year, 2014. The report provides valuable insights into the connections between digital and organisational productivity, the importance of diversity in the workforce, and the issues surrounding cybersecurity.

Here are the three key takeaways from the five-year overview of the Lloyds Bank Business and Charity Digital Index:

1. Organisations have made significant progress in the digital sphere over the past five years.

An all-record number of SMEs and charities are online—99%, up from 92% of SMEs and 76% of charities in 2014. As more and more organisations acknowledge the importance of their online operations, there are far fewer of them categorised at the lowest level of digital capability. Conversely, the number of organisations at the highest level has jumped considerably: a 425% increase among charities, and a 72% increase for SMEs.

2. There’s still an £85 billion productivity gap to be closed.

Lloyd Bank’s analysis indicates that organisations with low digital capability could unlock up to an additional £84.5 billion in turnover if they were to step up to a high level of digital capability. The greatest area of untapped development is sole traders—41% are ranked as having low capability, and if they were to develop high levels of digital capability, they could individually realize up to £24,000 in turnover per year.

3. All organisations could make improvements in certain...

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