- Lloyds Bank is leading the way in simplifying terms and conditions in an effort to make banking easier for customers
- Online Banking customers can now watch a short animated infographic which explains the key terms and conditions
In a first for the UK banking industry, Lloyds Bank has today launched an animated infographic to explain its Online Banking terms and conditions, to help customers understand the key aspects of the service.
In an effort to simplify the terms and conditions for Lloyds Bank’s five million Online Banking customers, and in consultation with financial services regulators, the bank ran Pop Up Labs[i] with customers to receive their feedback.
The Pop Up Labs showed that customers were significantly more able to recall the key terms and conditions after having watched the infographic, when compared with traditional written terms and conditions.
Adrian Bryant, Director of Digital at Lloyds Bank commented: “We know that our customers want to be able to easily understand our services and we’re actively looking at ways in which we can simplify our terms and conditions.
“Producing an animated infographic for our Online Banking customers is the next step on this journey to make our terms and conditions simpler. It has been developed with our customers so that we can continue to improve their banking experience with us.”
[i] Lloyds Banking Group Pop Up Labs allow a small team of Lloyds Banking Group colleagues to spend time away from the business to set up a virtual innovation lab to overcome a key challenge that the business faces. It is an immersive experience, learning from the most iconic digital companies and successful entrepreneurs in a unique environment, alongside other start-ups. The lab team is set a specific mission to be bold in their outlook, creative in their ideas, collaborative in their networking and energised to deliver early prototypes to address the challenge theme they have been set.