Last year, Lloyds Banking Group announced the launch of a new mentoring scheme that sees FinTech start-ups benefit from the broad expertise of its colleagues from across the Group.
Amongst other relationships, Innovate Finance helped to identity suitable start-ups to benefit from the scheme, which sees senior Lloyds Banking Group colleagues act as mentors to help FinTech start- ups develop their business and proposition by sharing expertise. The scheme isn’t built on one-way exchange but through the value of reverse mentoring which is mutually beneficial.
The FinTech start-ups benefit from knowledge sharing of experienced Lloyds Banking Group colleagues to aid their development in the financial and technology sector. The support offered includes refining concepts, to strengthening business models within a flexible timeframe determined between the mentor and the start-up.
Diana Paredes is CEO and Co-founder of Suade, a start-up revolutionising the way financial institutions interpret and respond to financial regulations through building an open platform for financial regulation. Working with Ian Lloyd, Director, Digital Transformation & Group Design Authority, one of the Lloyds mentors, Diana said about the scheme:
“Ian is a legend, he has so much experience and knowledge as to how things work on the ‘inside’ but also about how to power through innovation in a tangible way. As an entrepreneur that kind of mentoring is very grounding and learning from him is a great opportunity!”
In return, Lloyds Banking Group gain first hand understanding of how the financial services landscape is changing, learn new ways of working and agile methodologies practiced by start-ups; along with building new connections in the wider FinTech ecosystem.
Ian added, “I wanted to be involved in the Lloyds Bank FinTech mentoring programme to get an insight into the talent, ideas and trends emerging in the Finance sector. I’m able to support Diana with the knowledge and experience I’ve gained in the sector and the collective experience of my network to help bridge challenges Suade may encounter.
I’m finding this unique mentoring relationship rewarding because it operates both ways. Sharing my experience and guidance with Diana not only reminds me of valuable lessons and insights I’ve gained over the years, but there is a lot for me to learn from her too especially through the perspective she has on the industry from a start-up / challenger viewpoint.
It’s great to be collaborating with the tech community in this way.”