Banks can take a cue from the retail industry: successful digital integration allows for unique and personalized customer experiences. Harman Kardon NYC Flagship and Prototype. Photo © Christopher Payne.
When I tell my friends that I’m a retail designer they get excited… assuming I’m working on an exciting NYC flagship store or a top name clothing brand. When I say I focus on retail banking I’m greeted with a raised eyebrow. The most common phrase I hear is, “Who even goes to the bank anymore?”
While data shows that the percentage of Americans banking online is increasing, interestingly enough 45 percent of Americans have been to a bank in the last 30 days. So, the question I ask is: When you did go to the bank did you have an engaging and memorable customer experience? Most likely if you take a poll of your friends, the answer is no. The challenge is not “will your brand thrive?” in the years to come, but “will you survive?” You can change the outlook of your brand by looking at the greater retail industry.
Retail is embracing new generations. For the last 10 years, all the chatter has been about millennials and how to appease their desire for ease of transaction. We’ve done this by simplifying their online and in-app user-experience. Shockingly however, only one third of the top 30 financial institutions offer end-to-end account support online. On the retail front this is exemplified by the proliferation of brands such as Amazon or Alibaba. Nothing is easier than shopping online and having a package delivered to your door in the same day. The impact has caused many brands to close locations, and introduced a need to refocus what their real estate portfolio is for, or if they need one at all.