Laurent Christoph, Group Experience Strategist, Lloyds Banking, and Fatemeh Khatibloo, VP, Principal Analyst, Forrester
When GDPR passed, Lloyds saw an opportunity. Rather than perceiving privacy regulations as an obstacle between the bank and its customers, Christoph realized Lloyds could serve customers better by putting them in the data-sharing driver’s seat.
Privacy regulations were born out of public concern. More and more consumers are troubled by how their data is collected and used. But not all consumers have the same comfort level. Some consumers never want to share data, some are happy to share data, and most people fall somewhere in between.
Lloyds leveraged Forrester’s privacy segmentation to better understand its customers’ perception of privacy. Lloyds went above and beyond transparency, as this places the cognitive burden back onto consumers. And privacy policies are legal documents that can be difficult for average people to understand.
Now, Lloyds’ customers select how much data they want to share and for what reasons. Their privacy notice makes it easy for consumers to understand what’s collected, why it’s collected, and how to withdraw consent should they choose to. Lloyds has also built data stewardship into its culture so that employees use data only in morally acceptable (not just legally acceptable) ways.
Learn more about how Lloyds leverages privacy in service of customer satisfaction and the internal processes that make it possible.