TESTIMONAL:
BRIEF:
We were given the brief to launch new ideas for the bank that would create £multi-million revenue
streams within a twelve month period based on the following criteria:
- Minimal IT and operational impact
- The ability to pilot with live clients within 2 months
- Directly link into the major technology programme to support a strategic, long-term solution
WORK:
Our approach combined a number of techniques including ideation sessions, an Angel’s Dens to shortlist ideas and a Quick Wins process that took these ideas from 2-page business case to pilot with live client within a 6 week period. We focused significant effort on helping the business understand / challenge existing cultural issues that had resulted in similar programmes taking 18 months. We also spent a majority of time mentoring the staff through a process of “do to / do with / watch doing” so that we could leave the business fully self-sufficient.
OUTCOMES:
The outcome was the launch of three projects, a forecast of £multi-million in year revenues and a significant level of positive engagement across the organisation.
It also spawned a number of other programs that extended the concept out across the rest of the division. This ultimately resulted in a major transformation program that remains ongoing today.
FINANCIAL:
- Lloyds launched 7 new initiatives in year, as opposed to 1 initiative the year prior
- Three other propositions stopped within weeks due to lack of customer need – saving potentially £Ms
- Over £6M incremental revenues were delivered in Year 1
- One proposition showed that referrals were up 30% in pilot teams
- Another pilot resulted in Lloyds becoming the first UK bank to offer automated reconcilliations to its clients
- Over 100 clients were engaged in the design and development of solutions changing Lloyds perception in the marketplace
NON-FINANCIAL:
- From those involved in the program:
- 45% increase in sense of empowerment
- 40% increase in team spirit
- 22% increase in sense of achieving a positive increase to business performance and clients
- How this affected relationships with clients:
- 30% increase in speed of deployment
- 40% increase in team productivity as a result of using agile ways of working
- 45% increase in staff engagement
ORGANISATIONAL:
- Due to the success of the program, the MD requested that the same approach is used for the top five priority initiatives using a much wider group of staff across the business:
- In just 1 month (four full days of activity) the team garnered feedback from 200 colleagues, established new frameworks for commercializing propositions and started to implement initiatives delivering £8M annualized benefits
- The approach was then extended to become the Business As Usual method of working during the next year