A core pillar of Lloyds Banking Group’s digital strategy and a key strategic priority for the Group is to become simpler and more efficient. That is exactly what our Customer Journey Transformation programme will do. We are redesigning core interactions our customers have with us across many of our products and services to significantly improve their experience. Many of the improvements are being driven by our customers, and will deliver world-class experiences for them.
Small and medium-sized enterprises (SMEs) are the lifeblood of the UK economy. There are currently 5.4 million SMEs in the UK, which account for more than 99% of all private sector businesses, employ more than 15 million people and had a combined annual turnover of £1.8 trillion in 2015.* As such, Commercial Onboarding is one of the key customer journeys currently being redesigned end to end to improve the experience SME businesses have with Lloyds Bank.
Michelle Prance, Transformation Director of Commercial Onboarding, provides insight into what the programme is aiming to achieve and how Agile Delivery is transforming the way we service new SME clients.
“SME clients have told us our onboarding process is complicated, and it takes too long to open an account. When SME businesses join Lloyds Bank they want a lot more than just a business current account. Two thirds of new clients move banks and take out a loan within the first 12 months. Many want a currency account or a credit card – and nearly everyone uses online banking.
“So we’re building a service which looks to the future and exceeds the expectations customers have about their bank. Clients will be able to open accounts when they need them to be opened, and they will never have to wait on us to do something.
“SME clients will have a more streamlined and joined-up interaction, with no repeat questions, fewer forms to fill in and a multi-skilled team of onboarding managers to support them throughout their interactions with the Group.”
How does agile make a difference with this transformation?
“Transformation has really encouraged us to speak up and build different teams. I run a team of about 180 people, where effectively we have very little hierarchy. We talk about the team and the way we work as a team. Regardless of what level, what nationality or age or background that you come from, everyone’s encouraged to speak up and talk about what improvements we could make.’’
“Agile methodologies are really important because first of all you are allowed to ask a customer what they want; then you take that feedback and you put it into your product. We iterate quickly and deliver value quickly. You have a vision of what you want to do what you want to achieve and you work with the people who are actually involved in the process, including clients and colleagues, who inform you about what things that you’re going after next.
“Our customers are actually part of the journey that we are on, so we quite often have customers coming down for testing, and in terms of colleagues’ involvement, it comes from all levels and all parts of the organisation. So we work quite closely together as one team – developers working with business analysts, working with customer experience people, who all work together to drive the best solution.”
* Source:National Federation of Self Employed & Small Businesses Limited
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