Lloyds Bank has introduced a significant update for customers who own vehicles. The financial institution, which operates branches in Birmingham, has rolled out a new app feature called "manage your car." This tool is designed to assist motorists in keeping track of important deadlines and associated expenses.
Survey Highlights Forgetfulness Among Drivers
According to a survey conducted by YouGov on behalf of Lloyds, 21 percent of drivers have forgotten essential car-related dates, such as MOT, tax, or insurance renewals. This oversight could potentially expose many individuals to penalties. The research also revealed that 42 percent of respondents find managing car admin challenging, with the figure rising to 59 percent among those aged 25 to 34. Among those who missed these tasks, 11 percent reported facing higher costs or fees as a result.
New Feature Consolidates Reminders
The "manage your car" feature consolidates reminders for MOTs, servicing, and insurance into a single location within the app. It uses prompts to encourage timely action, thereby reducing the risk of missed deadlines and unexpected expenses. Nick Williams, managing director of transport at Lloyds, commented: "Juggling multiple apps, deadlines and rising costs means things can slip through the cracks for people trying to stay on top of their car admin."
The bank confirmed that the feature is available to all Lloyds customers, irrespective of their car finance provider.
Alternative Apps Available
Other applications also exist to help drivers manage car admin. Simon Williams, head of policy at the RAC, noted that the myRAC app has four million users and can be downloaded without being a member of the RAC. Lloyds faces competition from other major banks such as HSBC UK, NatWest, Nationwide, Barclays, Royal Bank of Scotland, and Santander.
