Lloyds Corporate: UK Competitor Benchmarking for Corporate Banking Platforms
Piers Sanders, Senior Digital Propositions Manager for Global Corporate Banking at Lloyds, describes the experience of working with Mapa Research to create a UK competitor benchmark for corporate platforms.
Lloyds Corporate Bank wanted to understand the competitive market in the UK to validate existing beliefs about the positioning of its new corporate platform, Commercial Banking Online.
As a long-standing partner to the retail-side of the bank, Mapa Research is an established and respected source of competitor insight and intelligence within Lloyds.
Mapa’s analysts worked with Piers to tailor the project to the needs of Lloyds. Mapa’s unique access to corporate platforms as well as structure of the deliverables played an important role in the development of this project. Lloyds also needed a benchmark to compare the customer experience and evaluate its progress over time.
Mapa’s solution was to produce an overview of the competitive landscape of corporate banking in the UK, auditing a selection of UK providers (including Lloyds) to score and benchmark each based on specific customer experience criteria.
Mapa’s insights help Lloyds monitor competitor developments in corporate banking. In the past year, there has been a notable change within Lloyds’ competitor peer group.
‘The scoring and benchmarking tells us the areas we definitely need to focus on,’ says Piers. ‘The results are used to inform product roadmaps.’
‘We’ve just started our next funding cycle and, as we were building up the funding requirements for our strategy, we used insights from our project with Mapa to give evidence that we need to get that investment.’
The six-monthly reports have generated a lot of interest from different business areas. The number of attendees in the half-yearly presentations have grown to include other teams within Lloyds.
‘We’re now at a stage where we’ve got people from commercial digital, commercial banking, user experience and transaction teams coming along to the presentations and using the insights,’ says Piers.
‘I’m getting a pull from people who want to see the insights. When I send the Mapa presentation invite, it’ll get forwarded and forwarded on across the business.’
The reports have even been used to win clients by showing what its corporate platform offers and how it compares to other competitors in the market – an independent review. Piers comments, ‘we’ve been to meetings where we’ve shown clients how we compare to our UK competitors. That is something we’ve been able to pull out from Mapa’s insights and I’m sure that is something that we will do more.’
While Mapa’s insights reassure and validate hypotheses, it also saves time in pulling together internal reports.
‘When we’ve had to write papers quickly, we’ve had the insights there to help us get it done quickly. It saves us time and has given us more rigour. Having the data at our fingertips is really important.’
Piers points to the level of professionalism and ability to tailor the output to Lloyds’ needs as the main reasons for the continued partnership with Mapa.
Lloyds Banking Group a Mapa Research client for 20 years, using to Mapa’s consulting services to inform its digital strategy. For more information on Mapa Consulting, get in contact today.