Retailer b8ta provides a platform for makers and established brands to interact with consumers to build brand awareness and advocacy. Gensler designed the store to encourage exploration and interaction with the products. Photo©Gensler / Ryan Gobuty.
This blog is part of a series on the future of retail banking. Read part I here.
The bank should be about human interactions, not transactions. When talking about shopping and brand loyalty, Gen Z is looking for real, authentic experiences… and these can’t happen online without forging relationships. With the greatest intergenerational transition of wealth in U.S. history anticipated, your bank brand needs to focus on connecting with these young generations. And it better respond quickly if you want to be on the forefront consumers’ minds.
Banks such as Umpqua are leading the way on omnichannel. Putting tellers on customers’ phones makes banking convenient. Now customers don’t have to be in a branch to have access to a real human being—they can have it at home using their smartphones or wearable devices. While improving omnichannel is critical, in order to respond to the growing demand by Gen Z for authentic experiences, retailers must go beyond omnichannel to provide a customer experience-centered approach.
It is critical to not view the physical branch as just another sales channel, but as an important touchpoint along a customer’s journey. A good example of this is the Scottish bank Clydesdale. Clydesdale has a focus on technology, and they bring this innovation to life in the branches where they showcase it in a way that encourages dialogue between the staff and consumers.
The branch should always serve as a vehicle for providing opportunities to learn about the customer and build loyal relationships, as much as to tell the brand story and provide immediate access to services. For example, if someone comes into a store and learns about the brand, has a positive interaction with your employees, discovers new services through digital media, and then goes home and opens up a new savings account online this is a win. Although the ‘sale’ did not happen in the store, the store has served its purpose of providing the human touchpoint of your brand’s omnichannel experience.