Published in Financial Services

Lloyds Banking Group Embraces Regulations as Opportunity for CX Innovation

Adapting and Evolving CX Strategies 

When new regulations shook up the finance industry, banking organisations were faced with a critical choice to adapt or be left behind. 

Instead of shying away from the challenge, Lloyds Banking Group used the new regulations as an opportunity for innovation and worked to evolve their CX Strategy. 

Laurent Christoph, LLoyds Banking Group’s Experience Strategist for Human-Centred Design, found success embracing new regulations in the financial industry. 

Becoming Customer-Centric

An industry-wide re-frame was needed from addressing a business problem to identifying the customer problem, whilst being compliant to new regulations at the same time.  

By speaking directly to customers through qualitative interviews, Lloyd’s Banking Group uncovered a series of insights into what its customers were feeling and the level of customer experience that was expected from the financial industry.  CX Strategy for Privacy

After understanding the fundamental problem, LLoyd’s Banking Group designed a Privacy Strategy with CX in mind that would focus on open communication and transparency.  

These 4 elements acted as a basis for the Lloyd Banking Group CX vision: 

  1. Describe the intended experience you want to create 
  2. Align business objective to customer outcomes 
  3. Prioritise journeys of significant importance 
  4. Define metrics to evaluate success

To complement the strategies deployed by Lloyd’s Banking Group, a MaritzCX whitepaper outlines the most critical CX challenges in today’s dynamic FinTech industry.

For further reading, download the CX Challenges in Financial Services to find out how to deliver consistent omni-channel CX, develop a deeper understanding of your customers and turn these insights into competitive advantages.