Marc Lien is Director of Innovation and Digital Development and an Executive in the Group’s Digital Division. He’s entering his third year with the bank but the experience of working in digital at Lloyds Banking Group has lost none of its shine.
‘I’m amazed everyday by what the team here achieves be it running great ‘Innovation Jams’, building market disruptive digital propositions, or showcasing how advanced analytics can make a dent in the universe.’
So, what does Innovation and Digital Development involve?
‘The Innovation and Digital Development team is responsible for strengthening existing digital capabilities and discovering and nurturing new ones. This will be critical for the Group to meet and exceed customer expectations.
The team is a group of pathfinders and trailblazers. Pathfinders in thought leadership, challenging the status quo and creating game-changing partnerships. Trailblazers in innovating with customers, experimenting with new ways of working and showing how the seemingly impossible is in fact possible. We are most proud when we are able to transform how banking feels for the customer.’
Marc joined Lloyds from the management consultancy firm McKinsey. So what persuades someone to make the move client-side into a banking organisation?
‘The amazing stable of consumer brands within the Group is a big pull – and because of those brands what we do touches millions of lives everyday. Being able to make a difference to how Britain banks is incredibly attractive. Then there’s the investment in digital and the big commitment that it signals, alongside the fact that the digital division is properly represented at the top table. Most of all, though, it is the people: I was excited to join an extremely capable Executive team, and an organisation brimming with passion and desire.’
It’s not just the reach of the Group that makes Lloyds an exciting place for digital leaders like Marc – the colleague power-house allows for the generation of extraordinary ideas and opportunities.
‘We get to unleash the energy and talents of thousands of colleagues across the bank to transform the experiences of our customers. Digital enables us to do this in ways not previously possible. The culture here is genuinely collegiate, with all of us driven by a common purpose – to be the best bank for our customers.’
This culture is helping push Lloyds Banking Group to the leading edge of digital banking. But the edge can be a risky place.
‘I believe Lloyds Banking Group is a leader in digital. But the bar is continually being raised by brands outside of banking, so we can’t be complacent. We must react to how our customers want to access their bank. As well as building brilliant online services, we want to transform the experience of our customers whichever way they choose to interact with us, and digital is the enabler. We are listening to what our customers are telling us to shape the future of banking in a digital age.’
If you look to the horizon, what do you see influencing banking in the future?
‘Looking ahead, there are lots of aspects from frictionless payments, to P2P lending, and blockchain. Something that excites me is how the application of advanced analytics will transform how banks work. It is a new tool with huge potential to make banking better for customers.
In addition, I think we are seeing a shift in how FinTech relates to banking. Today it’s seen as somehow acting in opposition to the banks, but I think that’s about to change and soon we’ll see ‘Fintegration’ – financial technology and more established players working in partnership for the benefit of the customer.’