Now for a close look at how the simplification program is going. Simplification is central to our strategy of becoming the best bank for customers. Customers want to experience processes with fewer steps, more automation and more transparent outcomes. Fewer errors will mean fewer complaints and increased brand consideration. António has already detailed the progress we're making on reducing complaints. We're determined that simplification will enable us to reduce those FSA-reportable complaints to less than 1 per 1,000 in 2014.Simplification will also generate significant financial benefits. I've previously described to you the iceberg effect, where simple processes and fewer errors and complaints leads to a virtual circle of lower cost to primary processes, generating fewer demands for secondary processes of error correction and rework, complaint handling and so on.
Lloyds Banking Group Plc's CEO Discusses 2011 Results - Earnings Call Transcript
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