3 minute read

Jehangir Byramji from our Innovation team looks forward to tackling more projects, investigating new services and improving the customer experience in an evolving environment.

“We cannot solve our problems with the same thinking we used when we created them.” – Albert Einstein. This quote embodies the crux of what drives fintech innovation across the entire industry. And it’s what influences our thinking at Lloyds Banking Group too. We recognise that assuming we can solve the challenges our industry faces with the same old thinking just isn’t the way to fix things, let alone improve them.

Knowing we had to think differently provoked us to start a transformation that would challenge us to open up our perspective on how technology could evolve how we serve our customers, and how it could evolve banking too.

Jehangir Byramji

Reflecting where we are now, we realise that we have matured along with the market, along with fintech. For us, this leg of our journey is how to engage with fintech in a way that fundamentally innovates how we interact with our customers. We recognise that as we mature, part of our transformation means that we also have to transform the way we work to become a simpler, more agile bank that adapts to our evolving customer needs. Gaining experiences working with fintechs brings a real benefit to our customers. It means collaborating with startups in a delivery oriented way that goes beyond mentorship and helping them build their solutions. It means working towards implementing those solutions across our bank. This brings a range of advantages when seeking to take opportunities presented by technologies like Open APIs, biometrics and AI including machine learning to develop new customer experiences, journeys and propositions.

Our culture has evolved, too. We have made strides to refine our governance procedures. We have refined our procurement process to better engage with growing fintech companies. We have learned how to experiment with new tech ideas. And these lessons have accelerated our own innovation approach towards practical outcomes, like adopting WoraPay for our caffeine fix.

We are not alone in maturing; the fintech market has matured right along with us. Investors are more discriminating, fintechs are more numerous, and banks like Lloyds are more savvy.

Einstein is claimed to have also said, “the measure of intelligence is the ability to change.” We see the smart choice is to partner with organisations with experience in big corporations working with new technologies that embody change, and who are also evolving their models to remain in sync with these client needs. The London dynamic has moved past the fintech/bank rivalry, on to an ethos of collaboration. Lloyds Banking Group has been part of that. We are also going to be part of the next wave of evolution: how to collaborate in a cadenced and quick way, where it is not just about doing experiments, or pilots, but working with a focus on, and commitment to, delivery and production, driving real commercial value.

This is where our partnership with Rainmaking Innovation, home of Startupbootcamp, is evolving, too. The new Rainmaking Colab programme is designed to equip corporates in mature markets with the capability and experience to create engagement and solve real business problems. We are ready to tackle more projects, more delivery, more adaptation to a changing business model.

The next step in our journey is to put all of the lessons we’ve learned into practice, and to commit to innovation that results in profits, new services, and an improved customer experience. We are working with Rainmaking Colab to take those next steps to not just survive the change, but to thrive because of the change.

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