In response to the GDPR requirements, Lloyds Banking group has had to formulate a whole new marketing strategy that will comply with the soon to be implemented regulations. The company is slowly shifting from the product-focused marketing to the content-focused strategies in line with the GDPR requirements.
Lloyds is among the companies that have invested the most in resources to facilitate this new directive. This is not surprising as one of the consequences of failing to meet the new requirements could result in fines of up to 4% of the company’s revenue.
Anna Hingston, Head of CRM at Lloyds, recently stated in an interview that the company is focused on improving customer consent with GDPR requirements and all other related aspects. Hingston is leading a group of eleven workstreams who will research and create the right directives towards achieving this goal.
One of the first steps taken by the groups is researching on the customer’s perspectives on Lloyd’s marketing strategies. The findings determined that the customers trusted Lloyd but required more help in dealing with fraud, theft and password protection.
A new requirement was added by the Information Commissioner’s Office. It states that users must be actively involved in making choices rather than the old method of using “pre-ticked boxes” or “opt-out boxes” and default settings.
Users should have the option to also withdraw consent at any time and the reviews should be constant. As a result, Lloyds will make an inclusion of what customers need to know and want from their bank in a bid to maintain their customers.
More than 70% of marketing and advertising agencies will not be able to detect a data breach according to a recent study. Only 37% would be able to handle any related cases according to the same study.
Hingston also mentioned that they are working with several agencies such as Digital Shop Zone to ensure that their transition on May 25th goes as planned. Gianfranco Cuzziol, Director of Digital Shop Zone stated that their three-staged plan would facilitate this.
The steps of the plans include:
- Educating clients on awareness and implications of GDPR.
- Taking stock of all web pages, emails and any other related database to access what is required to be changed before the nine months grace period is over.
- Ensuring all future data is GDPR proof in terms of how it is used and collected.