What is the Launch Innovation Programme?
Launch 2023 is a 12 week collaborative Innovation programme offering rapid experimentation with access to subject matter experts and free business masterclasses.
Successful applicants will work with subject matter experts and dedicated Launch Programme colleagues to refine and test value propositions to solve key strategic business challenges.Â These bespoke proposals will be pitchedÂ to the Challenge sponsors and senior leaders involved, giving applicantsÂ the chance to run a proof of concept in partnership with Lloyds Banking Group.
Why are we doing it?
Lloyds Banking Group want to be:
-the best bank for FinTechs and InsurTechs to partner with
-the best bank for customers
now and in the future.
Who is it for?
Ambitious companies and individuals who can solve one of our fourÂ strategic business challenges,Â or are interested in our ‘Wild Card’ challenge.
Lloyds Banking Group has committed to becoming a leader in gender diversity and is supportive of the growth of companies owned and run by Black heritage business leaders.Â We will actively target, welcome and support applications from women and businesses founded by people of Black, Asian and Minority Ethnic heritage.
When you submit your application via the form below, it will be reviewed by the Lloyds Banking Group Innovation teams, supported by our friends at GrowthBuilders.Â Each application is reviewed by the team and assessed against the relevant business challenge.Â We feed back on every application received and expect to communicate outcomes by the 5th of May 2023.
Launch Innovation Challenges 2023
Providing a customer focused ecosystem that provides more integrated, timely and personalised value to our current account, mortgage, saving and investment customers in their everyday lives
Providing ancillary services to help customers with their travel, health and transport needs
Proactive and engaging communication method(s) utilising gamification, nudges etc
Retirement is not just about finances. How can we engage customers with solutions that support their needs whilst they plan and enjoy their retirement?
What innovative ways can we explore to help customers achieve their retirement goals, whilst proving them with a clear view of wealth?
Pension dashboard and ability for customers to transact more frequently online
Differentiate the proposition in the Intermediary Protection market with added value services
Enhance the claims process to help customers get what they need through a frictionless and efficient journey
Remote loss assessment technology, augmented reality
Improve existing customer experiences (alternate payment methods, chat services, connected home technology)
Deepening relationships with customers with event streaming from payments (i.e. pay something expensive we give a real-time quote to take out/ adapt insurance policy/ premium)
Personalised messaging to customers (pro-active support, offer new services, support)
Using digital services and technology to better support the financial life ambitions of our mass affluent customers (income or wealth above Â£75,000)
Going beyond the basics of personal financial management tools (PFMs) with more sophisticated ways to manage money across multiple asset classes, providing engaging, insightful, action oriented content inspiring customers to lead better financial lives
Supporting our customerâ€™s legacy planning needs
Using our data, and new sources of data, to better serve and engage our customers
Ensuring the interactions we have with our customers are relevant and add value
Encouraging our customers to be more engaged with their financial lives
Encouraging our customers to be more engaged throughout their policy lifetime, particularly younger segments
Inspiring customer loyalty
Sharing the right content at the right time with our customers
Optimising data to enable meaningful personalisation
Leveraging additional Open Finance opportunities
Delivering more accurate pricing models incorporating new data sources
Harnessing AI and machine learning to improve workflow and reduce manual processing
Adviser client engagement â€“ charting and visualisation of data to support customer retirement conversations
Enhance our customer digital experience including
Providing holistic advice, content and tools to support our customerâ€™s financial wellbeing
Filling the advice gap for customers with smaller pension pot valuations
Going beyond education to provide everyday digital support to our customers
Putting customers and colleagues in control with a seamless online appointment booking system
Supporting customers who are showing early signs of financial distress
Helping our customers to navigate the cost of living crisis
Giving our colleagues the tools to best support our customers
Introducing a Customer Service Workspace solution to provide Customer 360 View and journey execution
Helping colleagues access the correct support material for customers with complex problems in the most effective way (e.g. AI, Chat Tech)
Enhancing the capability of our telephony channel
Fulfilling telephone demand
Triaging and routing calls more effectively
Improving our view of interactions to reduce failure demand
Create a developer and engineering system that provides the optimum experience and community to deliver change
Supporting and/or rewarding customers for sustainable choices and actions
Developing more sustainable home insurance claims processes â€“ replacement of goods, supplier selection
Proactively reduce our customers flood risk
Helping customers who are interested in retro-fitting or refurbishing their homes
Identifying opportunities to make out technology estate and change delivery process more sustainable
Applications under this theme will not be considered for the Launch programme, but will be reviewed by a member of the wider FinTech Investment team who will get in touch if weâ€™re interested to know more. Unfortunately we canâ€™t guarantee individual feedback to applications in this category.
Most sessions will last for 1 hour (see individual calendar invites for dates).
Calendar invites can be extended to your wider team, so let the GrowthBuilders team know if you would like others to attend
All sessions are recorded and accessible at a later date should you need
Please feel free to take the details of the masterclass speaker and reach out for further questions
All masterclasses are accessible live on Zoom, via the link in the calendar