A new type of Financial Coach, for all of us
Position
Lloyds needs to identify ways of improving customer financial knowledge and service engagement
Problems
Lloyds suffers from single-use interaction
Lloyds lacks a conduit to link varied services
Products and services that rely on graphical UI alone, suffer from two key conversion issues;
a. Low content comprehension and, b. Average inclusivity = missed opportunitiesComplexity and a lack of inclusivity are causing reduced conversion rates
Lloyds has many single-purpose products and services
Possibilities
There are numerous vertical channels within Lloyds, none of them are connected. Could a conversational AI that acts as an advisor/educator be the conduit to creating a single ‘financial experience’ based on key life stages?
Equip customers with financial planning knowledge that will empower them to make confident decisions about their money and future
Make customers banking experiences universal
Re-positioning statement…
From High Street Bank
To Institute of Financial Wellbeing
Institute = An organisation with a specific purpose, especially one involved with science and education
Positioning theory…
Customer needs and expectations…
From customer needs to insights
Concept 1. Conversational AI, Financial Assistant (day 1 to 28+).
This concept reimagines how a conversational AI-powered Financial Assistant could transform customers' attitudes and behaviours toward their money and financial future. Accessible through voice commands or a combination of voice and minimal touch-screen interactions, this assistant evolves with use.
Initially, the AI provides introductory guidance to establish a foundation. Over time, as it learns the user's preferences and patterns, it transitions to offering concierge-level service, effectively managing existing financial products while educating customers and helping them confidently plan their financial future.
Concept 2. AI Concierge + AI Assistant + AI Scanner.
In this third iteration, AI can also exist in vertical and horizontal business channels, servicing specific products e.g. Mortgages or Insurance to help get users informed faster and increase conversion rates.
How could this work? AI multi-agent OS sitemap
(customer-facing UI at bottom of diagram)
To maintain an efficient service, comparable to that of a human agent, the LLM must be lightweight, fast and capable of making informed decisions based on fast learning and a support network reinforcing the knowledge database via a human trainer.
In the diagram below, a host of AI agents provide background support and learning capabilities to a single customer-facing touchpoint .
Two interesting observations arose from this project. Firstly, 99% of people that I consulted, and who saw the final presentation, were ‘not’ aware of conversational AI’s capabilities. Many thought ChatBot’s were the pinnacle of such systems. Secondly, the overwhelming feeling, at the end of the presentation, was that improving customer knowledge would increase a customer’s confidence and engagement with their finances. Coupled with the nurturing assistance of a Financial AI, it was felt that this concept could be the perfect conduit needed to tie various parts of the business together, provide a much better customer experience and, increase revenue.
This concept is now being further explored by Lloyds’ dedicated AI team.