Isabelle Marchand, DataCrunchies founder, gave the following presentation at the Innovation Summit IIEX in Amsterdam.
Today I am here to tell you a story or how, at Lloyds Banking Group, we told a complex mortgage story in a simple and appealing infographic, with an immediate success.
Our journey started last year with an event some of you may have heard of – the Bank of England decided to raise UK interest rates, meaning that the cost of borrowing became more expensive. As one of the largest retail bank of the United Kingdom, it raised many questions for us...
From a customer side -
How many of our customers would see their mortgage cost increase?
Are our customers ready for such increase?
From a business side –
Should we adjust our products to fit the situation?
Are we answering the competition in the right way?
From a future proofing perspective –
Are we helping our customers to transition smoothly?
Are we setting the right grounds for a potential future interest rates rise?
I was mandated by a team in the mortgage department, but our aim was to reach a way wider population. Our mortgage executives, but also anyone from the mortgage department, or any colleagues from Loans for instance, as the rise in cost of borrowing would impact them the same way. Any colleague who has a mortgage, or who is planning to get one, could benefit from that information, as would our colleagues from branches, as they’re facing customers and maybe an easy to use format could have helped our customers to understand the matter too.
I teamed up with various people to dig some data from our data warehouse, and I gathered information from internal and external reports (national stats, industry figures, research). Here is what I got – I mean plenty of charts like those ones, which prompted the following question:
And the answer is simple, we use data journalism!
I selected the right data, then got rid of the noise – all that information we’re gathered, even if very interesting, was not good to share. For instance I had very interesting data about higher mortgages and the extra cost they were to pay, but as interesting as it was, it wasn’t fitting is the story I was telling, which was about giving a big picture, not details.
Then I framed the data by contextualising and comparing it – for instance I compared our internal data to the national data – were we doing better or worse than the average?
Then, I tried to answer any questions the reader could have by articulating our findings in a logical flow – a good storytelling.
And because I am not a mortgage specialist, but I am close to the data, I can tell the data story but I leave to the ones who are close to the mortgage business to take action on the basis of the story. It is about empowering people with data.
Here is a snippet of the infographic, which was a massive success - thousands of viewers, hundreds of comments, multiple demands to use it in team and client meetings, by executives and non executives alike.
When you share the data and when people engage with it, you don’t only reach your stakeholders but also people you wouldn’t have suspected actually needed your insights. And that is the real gain – when you can give access to the data to colleagues from multiple parts of the business alike, and they are no scared by the statistics – they embrace them!
Feel free to check the full public version of this infographic HERE.