Lloyds Bank has introduced a significant update to its mobile banking application, introducing a new feature aimed at assisting motorists with vehicle management. The 'Manage Your Car' tool allows customers to input their vehicle registration number to access a suite of functionalities designed to streamline car-related administrative tasks.
New Feature for Vehicle Management
Available to all Lloyds customers regardless of their car finance provider, the feature enables users to keep track of servicing schedules, MOT expiry dates, and insurance renewals. Additionally, the app provides direct access to DVLA data and tools to manage car finance, helping drivers avoid missed deadlines and associated penalties.
According to recent YouGov research commissioned by Lloyds, one in five drivers has forgotten at least one essential car-related deadline. The consequences can be severe: over a quarter (26%) of car owners reported experiencing disruptions or penalties, 8% received fines, and 13% were unable to legally drive their vehicle due to missed deadlines.
Reminders and Alerts
The app sends proactive prompts and reminders to help motorists act on time, reducing the risk of unexpected costs. 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. Our new app feature is designed to make this simpler."
He added: "By bringing helpful information, reminders and financial tools together in one place, we aim to help customers stay organised, avoid unnecessary costs and feel more in control." The update reflects a growing trend of banks integrating lifestyle management tools into their digital platforms to enhance customer value.
