MPhil in Management students at Cambridge Judge develop experimental ideas for Lloyds Banking Group’s Innovation Labs.
Lloyds Banking Group and the Cambridge Judge Business School undertook a unique collaboration to look at innovative digital opportunities for the future of banking and bank customers.
As part of their MPhil in Management programme, students from the University participated in an intense six-week programme to deepen the understanding of three challenge areas set by Lloyds Banking Group: identity, social and gamification.
Students were involved in evaluating the social and economic conditions, future technical trends, and the role of banking and financial services to understand how these factors would influence the way Lloyds Banking Group should engage with customers in the key challenge areas.
Up to fifteen students from Cambridge were involved in the joint collaboration with LBG Innovation Labs, with the final day concluding through a presentation to senior executives at Lloyds Banking Group.
“We analysed the macro environment in order to assess potential competitors and threats and to understand the likely response of customers,” says Fabrizia Scivoli, an MPhil in Management student who participated in the project.
We also analysed Lloyds itself to better understand their strategy and how the concept we were asked to evaluate could fit in their strategy.
Marc Lien, Innovation and Digital Development Director, Lloyds Banking Group, said: “We were delighted to collaborate with Cambridge Judge Business School to work with students and explore the future of banking. At Lloyds Banking Group, we are always seeking new opportunities for fresh thinking to continuously improve our services for customers.”
The three projects with Lloyds Banking Group are among nine Management Consulting Projects this year on the MPhil in Management programme at Cambridge Judge.
Allègre Hadida, Director of the MPhil in Management programme, Cambridge Judge Business School commented:
The Management Consulting Projects encourage students to think big, and provide them with an opportunity to apply their classroom learning to real-world challenges, in close collaboration with a corporate client in a blue-chip company. We are extremely grateful to Lloyds Banking Group and the other companies that worked with us this year, and we very much look forward to other exciting projects next year.
LBG Innovation Labs is responsible for test driving tomorrow banking by bringing fresh and innovative thinking, and creating collaborative opportunities across Lloyds Banking Group.