AUG 28, 2008
Yesterday’s Bank is Today’s New Retail Store
Stephanie 
1 commentsClient Services Manager/CRM Specialist
Sitting quietly, enjoying a cup of gourmet coffee in the computer café, you glance over and see a young mom shopping in the retail store looking for a good book to read while her daughter colors in the children's play area. There's an older gentleman comfortably scrunched down in the oversized leather chair reading The Wall Street Journal (nodding off occasionally) and a group of friends playing Wii on the big screen TV. No, you're not at the mall or at Barnes & Noble. Would you believe you’re at your local bank?
With the changing landscape of the financial industry, many banks are testing unconventional methods to differentiate themselves and create a more positive customer experience. The toughest competition for banks today isn't the other banks down the street, but actually all the dynamic, engaging experiences consumers have with the Internet, electronics and innovative retailers. Banks that understand this evolution will have a powerful advantage when it comes to wooing customers and winning mindshare. If they get it right, they will strengthen their brands, build customer loyalty and directly drive top-line revenue growth.
More banks are popping up in high-density neighborhoods that are built on the premise of sustainable living. They now look and operate more like trendy retailers than traditional banks. In fact, some banks are even starting to call their branches "stores". When you walk into one of these stores, you clearly see that it’s a place to do things other than banking. A new bank just opened next to my neighborhood that offers high-speed Internet access in a computer café, Chairman's Blend gourmet coffee, a flat panel TV where you can get market reports and watch investment news, and an area for children to play.
This type of engagement marketing is going to be vital to the success of the bank branch. There is a relatively short window of time before customers will be able to compare their "old world" banking experiences with the new innovations they see at other banks down the block. Once they experience the difference, you can bet that many savvy customers, including myself, will choose with their wallets and their feet.
