Bank of Scotland is launching a new digital investment service for customers following parent group Lloyds' acquisition of investment and retirement platform business Embark Group.
A new advertising campaign featuring comedian Susan Calman will launch on Monday for the "Ready-Made Investments" service that will be available online and via a mobile app. Customers will decide how much to invest and at what level of risk, and select from a shortlist of funds.
Lloyds acquired Embark in February 2022 in a £390 million deal as part of its drive into the mass market for self-directed "robo-advice" wealth management. The group is targeting a top-three position in the self-directed and robo-advice market in the medium term, as well as a top-three position in the individual pensions and retirement drawdown market by 2025.
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“Creating a digital investment offering for customers who are happy to manage their own portfolios was a key priority following our acquisition of Embark and we are proud to now be offering Ready-Made Investments to help those who want to make their money work harder, especially during periods of high inflation," said Jackie Leiper, chair of Lloyds’ Scottish Executive Committee and chief executive of Embark.
“We know from our customers that many would like to start investing but have limited time to research or aren’t sure how to get the ball rolling – our new service is designed to help them do just that, as well as provide another option to help with their longer-term savings goals.”
Based in Dundee, Embark was set up in 2013 as a digitally-based retirement solutions business. Along with its direct-to-consumer platforms available through Lloyds and Bank of Scotland, Embark has platforms for financial advisers now operating under the branding of Scottish Widows, which is also part of the Lloyds group.
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