Everyone in our industry acknowledges banks need to be different, and we’ve explored numerous initiatives on Banking.com, from video transactions to teller pods and community rooms. But how about serving up a cocktail with your account statement?
That’s one way to look at St. Petersburg, Fla.-based C1 Bank’s new branch in Miami’s Wynwood district. Sure, it’s got all the amenities every branch needs, but be prepared for the teller desk to become a bar, and a fully stocked kitchen ready to accommodate a sizeable party of movers and shakers. In fact, the location actually doubles as an event space.
Banks have a unique opportunity to capitalize on the vast amounts of customer insight they hold to go beyond simply facilitating payments. They can reinvent themselves as an Everyday Bank, helping customers reach decisions about what to buy, when and where to purchase, and even helping to negotiate the best deals in a ubiquitous format.
Another day, another challenge.
Again, it’s to do with the move from the physical distribution of paper to the digital distribution of data (my favourite mantra of the moment) and the way in which things change.
Think of it this way, I’m talking to a company about relationship management.
Their view: it all comes down to a trusted advisor and that person is your human connection in the branch.
That relationship is where the trust lies, not with the bank or the industry or the brand, but with the human or humans you deal with in the branch.
When we talk about rebuilding trust in banking, the trust was lost in the industry, the bank and its brand, but not with the human you relate to in the bank: your personal account manager.
I totally agree.
Read more at Financial Services Club Blog
Digital Banks have a completely different culture to Physical Banks
It goes without saying that the branch experience has changed drastically over the past century and even more so with significant advances in technology in just the last decade. With walk-in traffic electing to embrace home and mobile banking options, several leading banks are directing their focus and attention on investments that improve the digital experience to complement, not compete with, emerging consumer preferences. Despite the recent trends, we still see opportunity for branches to thrive alongside these non-traditional banking channels in the near-term and long-term.
Bank branches are lonelier places these days. 58% of those under 30 have visited a branch in the last month. But don’t rush to shutdown your brick-and-mortar locations yet… half of all Americans still bank in Person.
Three in ten Americans haven’t visited a bank or credit union branch in at least six months, according to a report from Bankrate.com. But half of Americans have visited a branch to conduct personal financial business within the past 30 days
“Amazon has revolutionized everything from publishing to online shopping. Can it save retail banking? At Retail Banking 2014, bank execs repeatedly invoked Amazon as an example of what they aspire to become. One said ‘Amazon was conceived around the use of data and the customer experience.’ Another called Amazon ‘the most visible example of using data to customize a customer experience.’ Another called the Amazon model a possible savior for the industry.”
Bank-at-Work programs can drive the acquisition of quality customer accounts if implemented in a structured, disciplined manner.
Financial institutions are facing declining branch transactions and diminished branch sales. As a result, more banks are looking to Workplace Banking as an effective channel for attracting new customers, expanding relationships with existing customers and therefore improving sales productivity and cost efficiency. After all, Workplace Banking puts branch teams in front of prospects and customers they no longer see in the branch.