The focus on innovation in financial services is often aimed at banking but other areas of the industry are starting to catch up and they have the advantage of being able to learn from the experiments, tests and learnings that have gone before.
Taking many of the lessons learned through its approach to banking innovations, Lloyds Banking Group is applying this experience and expertise to the corporate pensions market through the Scottish Widows brand, driven by a specially designed customer lab created in Edinburgh to test ideas for new products and propositions with corporate clients, their employees and financial advisers. A team of over 100 specialists have been hand-picked across Lloyds Banking Group to drive this 18 month programme.
Functional prototypes, such as calculators, top up tools, fund switching functionality and an interactive employer workplace portal are just a few of the features currently in development.
The first output from the lab is a new online portal which is currently being tested in a live environment with six pilot employers with a full roll-out once the testing is complete.
Among other functionality, the interactive Employer Hub allows clients to upload payroll files in a variety of formats, providing immediate feedback on any errors with their data so that any issues can be corrected instantly.
David Holton, director of corporate propositions at Scottish Widows, explains more about why he’s aiming to deliver a market-leading digitisation programme.
How agile working and customers are integral to the digital components of Scottish Widows’ £50m ‘Driving Pension Value’ programme.
The role of customer innovation labs and the long term aims of using the online experience for corporate clients, members and employees to create increasing engagement with pensions.
If you are interested in the work David Holton and his team are doing, find out more about a career in Digital at Lloyds Banking Group here