As the pace of digital change increases, new technologies constantly emerge and people’s digital and financial preferences continuously evolve, it is imperative the Group continues to experiment with new propositions, develop new capabilities and design to exceed our customers’ expectations.
Many organisations respond to these changes by concentrating on digital transformation of existing processes, but there is increasingly a need to shift the focus from improving individual single service propositions, to taking an ecosystem approach to deliver value to customers. And, as a result, digital partnerships are becoming the way to trail-blaze change. These new digital ecosystems revolve around innovation – creating entirely new ways to do business.
The Digital Partnerships team sit within Innovation and Digital Development and aim to explore how a digital partner strategy can work within a financial services context, exploring the various opportunities that exist. Whether looking at digital capabilities such as advanced data analytics, best practice within cultural transformation, or the future of customer engagement, these digital partnerships serve as both a sensing mechanism to the external market environment and a way of enabling collaboration with technology leaders.
Our partnerships with best-in-class global digital organisations allow us to respond and adapt to a rapidly changing external market context and support the delivery of our Group Digital Strategy. We work with teams in Customer Journey Transformation, Data Analytics, Digital Servicing and Fraud and Security, with the aim to build ways of working that make rapid prototyping and hypothesis-testing possible that can lead on to scalable solutions and propositions.
Aneet Morar, Head of Digital Partnerships at Lloyds Banking Group, explains more.
Collaboration with strategic digital partners enables us to create new options for the bank as the pace of change continues to accelerate. We are combining our own expertise with that of global digital leaders to de-risk investments, test and learn using the latest technology and deliver best practise in the ways of working.
You may have seen the financial services prototype with Amazon Echo earlier this year, where the Group explored voice as a new customer engagement channel and tested how banking transactions could be carried out by talking to a device. The aim of the proof of concept was to leverage next generation, AI-powered personal assistant capabilities to demonstrate how banks could cater for the new anytime-anywhere consumer mind-set in the future.
As pathfinders we believe that digital partnerships can enable diverse and collaborative ecosystems – the very foundation of some of the world’s most successful technology companies – and will allow for banking to be seen through a new lens, providing our customers with the best customer experience.
Our partnership with Google has multiple touch-points and illustrates the breadth of an ecosystem model. The collaboration ranges from supporting digital and financial inclusion in Britain by offering our customers and colleague’s digital skills training for example through #DigitalGarage, to undertaking world-class analytics using Google Cloud Platforms and emerging tools such as Big Query.
The Digital Partnerships team is helping Lloyds Banking Group to focus on the delivery of our core businesses as well as positioning the Group as a thought leader in the digital age.
While the notion of cross-industry collaboration within Financial Services may still be in its infancy, our team aims to lead the way and show how digital partnerships can transform the approach to innovation and the future of banking.
If you’d like to hear more about digital innovation at Lloyds Banking Group, follow @LBGDigi on twitter.