Revising Commercial Banking Customer Journeys

A significant shift in how commercial banking customer journeys are approached, moving from traditional banking services to a more digitally transformed, service-oriented model.

The innovation lies in building a service portfolio that is adaptable to individual business processes, significantly impacting the market size and reach by catering to a substantial segment of the UK’s private sector.

In the project with Lloyds Banking Group, a significant investment was made in transforming customer journeys, particularly focusing on commercial onboarding. This initiative was part of a larger program to redesign ten key customer journeys to enhance the experiences of SME businesses with Lloyds Bank.

With over 5.4 million SMEs in the UK, accounting for more than 99% of private sector businesses and a significant portion of employment and turnover, providing efficient and tailored banking services is crucial. This project involved staying abreast of technological advancements and effectively utilising them to meet the diverse needs of a vast customer base.

A key aspect of this project was the improvement of Lloyds Bank’s web and mobile technologies to enhance the onboarding experience for new customers. Considering that two-thirds of new customers transfer from other banks and engage in significant banking activities within their first year, the onboarding process is critical for customer acquisition and retention.

Systematic user research and iterative improvements to customer journeys were implemented. These efforts led to more streamlined and interconnected customer interactions, with reduced redundancy in processes, fewer forms, and a multi-skilled team of onboarding managers to provide comprehensive support.