Lloyds Banking Group has taken steps to introduce new marketing campaigns due to the coming introduction of the European Union’s GDPR legislation, a new set of guidelines on data privacy and security.
Lloyds is moving from product-focused campaigns to the content-focused strategies in line with the GDPR legislation.
Lloyds is one of the groups that has spent a considerable amount of money preparing for the new regulations. Failure to do this could result in fines of up to 4% of the company’s annual revenue.
Anna Hingston, Head of Customer Relation Management at Lloyds, recently commented in an interview that the group is focused on improving customer consent with GDPR requirements and all other related aspects. Hingston is leading a group of eleven work streams who will research and formulate the correct strategy for achieving this goal.
One of the first measures implemented by the group ascertaining their customers’ perspectives on Lloyd’s marketing campaigns. The results of this determined that the customers trusted the messages broadcast by Lloyds, however they required more help in dealing with fraud, theft and password protection.
The Information Commissioner’s Office has also added a requirement that requires users to be actively involved in making choices rather than the former method of using “pre-ticked boxes” or “opt-out boxes” and default settings.
Over 70% of marketing and advertising agencies will not be able to identify a data violation according to the results of a recent study.
Hingston also commented that they are consulting with many agencies, including Digital Shop Zone, to ensure that their transition with the introduction of GDPR on May 25 goes as planned. Gianfranco Cuzziol, director of Digital Shop Zone remarked that their three-staged plan would make this process run more smoothly
The steps involved in the implementation plan include:
- Training clients on awareness and requirements of GDPR.
- Assessing all web pages, emails and any other related databases to ascertain what must be changed before the nine months grace period has elapsed.
- GDPR-proofing all future data regarding how it is used and collected.