5 minute read

When talking about delivering the best service to our customers, Terry Cordeiro’s point of view is clear; ‘the challenge is finding the right blend of Customer Experience (CX) and technology to design and build products that truly transform the way customers are able to interact with organisations. The digital age has opened up new paths for us to meet the changing needs of customers and at Lloyds we have the unique opportunity to make things much simpler for people.’

Terry joined Lloyds Banking Group in 2015 and currently leads the Product Management team in Shared Components within the End-to-End Customer Journey Transformation Programme. “My role is all about creating software products that are designed and built on the basis that they solve a shared problem across the bank. This means understanding multiple use cases and getting really close to the customer experience.”

We sat down with Terry to find out more about the different ways customer experience is being woven into the End-to-End Customer Journey Transformation programme at Lloyds Banking Group.

Why did you join Lloyds Banking Group?

I joined Lloyds Banking Group to be disruptive: in order to prevent ourselves from being disrupted from the outside, we must first change our mind-set internally. I can already see this happening and the positive impact it is having on colleagues and customers. I have never been more excited about the future.


How is digital technology driving the customer experience?

Banking is going to be such a different world in the future, even in the next five years, due to both the advancement of digital technology and the changing expectations of customers. Think back to 1991. No-one could have envisaged how the world would be 25 years later. And then the internet arrived.

Our behaviour and that of our customers has totally changed as a result. If you think about your own ‘digital day’, it’s always evolving as we seem to be increasingly attached to our smartphones and electronic devices. 55% of people in the UK reach for their phone within 15 minutes of waking up and use tablets/ smartphones/ readers on the journey to work [i]. Many workplaces require the use of computers all day long, with connection to the internet a must. And when we get home, there are the latest movies, TV box sets or videos to stream before one last smartphone check before we go to bed. I am sure I’m not the only one that can relate to this.

So what does all this mean for Lloyds Banking Group?

Customer experience is important for banks as the interactions that customers have are no longer just compared with other banks, but the experiences they have with other organisations, be it offline, online or how each are connected. It is often the most common reason why customers open and close accounts, more so than fees, rates, branch locations and convenience (according to a report by Ernst & Young). Becoming a lot more focused on customer journeys is critical to transformation at Lloyds Banking Group.

Because the digital advancement has opened up new paths for us to meet the changing needs of customers, at Lloyds Banking Group we have started doing things differently, so that we can evolve in order to remain relevant to our customers. Evolution, by its very definition, is a process of continuous change from a lower, simpler or worse state to a higher, more complex or better state. It’s a great challenge and one I couldn’t resist.

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How are you approaching the challenges of transformation?

We have adopted a Design Thinking (DT) approach across transformation teams and it is really pleasing to see it being implemented elsewhere in the bank. DT is a discipline that uses the designers’ sensibility and methods to match people’s needs with what is technologically feasible. It’s a problem-solving process that focuses on the pain-points and needs of customers. Using build-measure-learn principles we can build and test prototypes quickly to observe and understand how customers interact with our products and services, rather than just asking them.

We support the thinking by having teams co-located that have experience in both product and engineering. As someone who has been in product management for nearly 20 years, I remember the days when product managers used to write down requirements, hand them over to engineers and then complain when they built the wrong thing because they misinterpreted the requirements. We are using feature teams (or Pizza teams as Jeff Bezos, American technology entrepreneur and founder of Amazon calls them), to focus on customer-problem areas and generate excitement about solving the problem, with collaboration at the heart.

Small teams are more focused, more agile and more collaborative. But it’s important that we also create the right working environment and make sure teams have the basic tools to do their job. Design based on prototypes rather than requirements means we can build fast and learn fast. It’s all about customer testing and making sure we pass the learnings back into the development process.

3 top tips

The teams also use Service Design Tools such as a Product Canvas and Empathy maps to reveal pain points and areas where we are creating negative emotional experiences for our customers and this helps us to look at ways to turn negative emotions into positive ones.

Mapping our customer journeys helps place focus on the end-to end customer experience. Traditional methods don’t give any focus to what happens before, during and after a customer engages with us or our products. A good example of this is the way we have re-engineered opening children’s accounts recently, where parents can simply upload an image of their child’s passport or birth certificate from the comfort of their own home.

I believe that customer experience can often carry a far higher weighting than product features in the minds of our customers and it’s great that across Transformation we are embracing this belief.

To find out more about customer journey transformation click here, or to apply for a role visit our careers site and search for ‘customer journey transformation.’

[i] Mobile Consumer 2015: The UK cut – Game of phones. Deloitte 2015 https://www.deloitte.co.uk/mobileuk/assets/pdf/Deloitte-Mobile-Consumer-2015.pdf

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