Launch Innovation Programme - 2023

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.  These bespoke proposals will be pitched  to the Challenge sponsors and senior leaders involved, giving applicants  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 four strategic business challenges, 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.  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.  Each application is reviewed by the team and assessed against the relevant business challenge.  We feed back on every application received and expect to communicate outcomes by the 5th of May 2023.

 

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Launch Innovation Challenges 2023

Listed below are some examples of use cases that fit within this challenge. It is not an exhaustive list; you might have a proposition that fits one or many of these, or have your own idea of how we can address this theme.

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 £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 customer’s legacy planning needs

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Listed below are some examples of use cases that fit within this challenge. It is not an exhaustive list; you might have a proposition that fits one or many of these, or have your own idea of how we can address this theme.

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 – charting and visualisation of data to support customer retirement conversations

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Listed below are some examples of use cases that fit within this challenge. It is not an exhaustive list; you might have a proposition that fits one or many of these, or have your own idea of how we can address this theme.

Enhance our customer digital experience including

Providing holistic advice, content and tools to support our customer’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

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Listed below are some examples of use cases that fit within this challenge. It is not an exhaustive list; you might have a proposition that fits one or many of these, or have your own idea of how we can address this theme.

Supporting and/or rewarding customers for sustainable choices and actions

Developing more sustainable home insurance claims processes – 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

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Submit your application

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 we’re interested to know more. Unfortunately we can’t guarantee individual feedback to applications in this category.

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Submit your application

 

The Masterclasses

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

Apply Now

Submit your application