The transformation of the digital origination, onboarding, fulfilment and servicing journeys of Business Customer Deposits at Lloyds Banking Group delivered immediate and long-term value.
Internal reviews had shown that opening a Business Deposit Account at Lloyds Banking Group could be slow and frustrating, but a strategic response from the Internal Design Team has comprehensively improved the customer journey by addressing key pain points and building trust.
Launched in April 2024, the redesign focused on desirability, feasibility and viability. By removing barriers to entry and making it easier to open a deposit account, the bank capitalised on the Bank of England’s 2023 interest rate hike, with the reimagined journey attracting and converting customers at scale.
Conversion rates rose for both app and desktop users, and the number of accounts being opened digitally, and deposits being made, both leapt. The design process and its success also built trust with internal stakeholders, and the methodology has become a roadmap for future complex projects.
