Digital Business- Challenges to Growth, by Nick Williams
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Nick Williams, Managing Director of Lloyds Banking Group, slides and ideas from his presentation at the National Digital Conference 2017.
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Digital Business- Challenges to Growth, by Nick Williams
- 1. 1 Digital Business – Challenges to Growth Nick Williams Managing Director, Consumer and Commercial Digital @nick_williams38 #digitalindex17
- 2. 1. Evolution 2. Market Disruption 3. Agile and Lean 4. New Business Models Economic OutlookBetter Worse TechnologyAdvancementLessMoreExternal Factors
- 3. 1. Generational Values 2. Trust Consumer Trends 4. Digital Darkness3. Data Science
- 5. Know Your Colleague Culture Skills Recruitment / Retention
- 6. Regulation Global Tech FinTech Know Your Frenemies
- 7. Video Conferences Relationship Managers Trusted Faces in Local Places Mobile Branches Digi Zones
- 8. 1. It’s not the strongest that survive, but the ones most responsive to change. 2. Not one organisation is too big to fail or too small to succeed. 3. Mind the generation gap… be prepared for millennials. 4. Know your customer and colleagues. Your colleagues are also your customers. 5. Love your Frenemies, they bring out the best in you. 6. Trusted faces in local places. Final Thoughts
Editor's Notes
- Introduction and your role in Lloyds Who I am, what I do, why I do it 12.8m online customers and a relationship with 80% of FTSE 250 companies My job is to develop and lead the right culture of my team to deliver … ….great digital services which EVERYONE needs and deserves to help them live their lives.
- 1) Digital Age Proliferation of innovative attackers, put pressure on revenue, increases switching Leading banks and insurers drive technology-led customer innovation and reduce costs 2) Age of disruption Technology led attackers disintermediate traditional players from the customer Banks and insurers struggle without making significant business model choices 3) Survival of the fittest Higher regulatory burden for FinTechs Industry consolidation likely 4) New world order New competitors attack the remaining sweet spot especially in areas with lighter regulation Traditional banks and insurers become regulated utilities – with large balance sheet, but limited customer relationships Industry significantly consolidates
- Value of Life – Younger generation value flexible lifestyle Artificial Intelligence – The rise of the robot, growing comfort to interact with AI Customer Trust – Corporations need to respond. Digital Shadows – Risk of being turned off or rejecting digital.
- Consumer Digital index (flyer on seats) Know your customer traditional means something very different. Largest, longitudinal report of its kind. 1m customer accounts, 2000 interviews and with the non bank. 9% NEVER used the internet 21% (11.5M people) in the UK don’t have basic digital skills Biggest barriers is attitude and motivation. LBG has 4 Million customers who don’t have basic digital skills Most vulnerable are in the most need of the support.
- Know Your Colleague Colleagues are customers Its about colleague engagement Colleagues have the same expectations about quick and convenient access in the workplace Implications for Training via mobile, (Lynda.com) "Make way for the millennium" employee PWC - Wanderlust - 71% will expect an overseas career/assignment PWC Promotion Ladder - No1 factor in choosing employer, 2nd is salary. PWC Prefer to communicate online - 41% prefer to use technology to communicate SDL survey - "Millennials are mobile by default" and touch their smartphones 43 times per day
- Know Your Frenemies…. "love your frenimies because they bring out the best in you" "Not one financial org is now too big to fail or too small to succeed" Regulators PSD2 Open Banking GDPR RDR – Robo Advice Global Tech Work closely with but continue to compete for owning the customer relationship Topical example with Apple announcement last night Fintech Agility vs Scalability. "Be friends with Fintech" mentoring scheme Its not about innovation for the sake of it but about "relevant disruption“ Must not loose sight……"Not about the Technology but my Customer needs“
- Transforming for our customer Multichannel approach serving the customers the way they want to be served New channels support the traditional – webchat, vidochat, messaging – remaining connected customer Branches will evolve into ‘value added’ – Trusted hand-shake. 24,000 digital champions Rollout digi-zones into branches helping individuals and RBB customers improve digital skills Mobile branches with a digital champion on each mobile branch to support customers in remote areas Ensuring colleagues have capability to speak to clients about digital skills Training 2.5m in digital skills including internet banking by 2020