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Preparing for the future: The New Branch Experience

Posted by KingEclient on 1 June, 2021

Branches can no longer be considered traditional transactional channels, but catalysts of the new relational models banks should play for delivering innovatve, cutting-edge customer experiences. In the new digital paradigm, banks can still transform their physical locations to act as generators of new streams of revenue. At KingEclient, we believe that branches will be focusing on these three verticals:

 

  • Promoting brand image and customer engagement through on-site value-added services directed to empower, entertain and coach customers. 
  • Creating new revenue streams building pop up stores and promoting non-financial products.
  • Use of behavioral analytics to gather insights on their customers to directly monetize it or develop new products and services.
The first is related to the importance of expanding the brand image by providing customers with more than just financial advice. The idea is to use the physical space as a lab where the bank can hyperpersonalize its offering to customers using transactional data, empower them through financial education, and capitalize on these insights to create a strong bond between the two parties. Bank branches will strive to provide a unique experience through dynamic spaces which engage, educate and inspire people. 
  
In order to be able to provide such experiences, banks will need to drastically reduce the number of branches, transform the spaces, and create partnerships with third parties.

The second vertical is centered on leveraging the newly created spaces and the banks partnerships to generate new revenue streams. Imagine that everything displayed or being used in the new branches (from tech devices to furniture) could be bought right then and delivered to the customer’s house in a matter of hours. 

Inside the branch the buying experience must be 100% frictionless since the bank can already have all the customer’s information and can anticipate user’s needs and offer multiple payment options based on the user data. Moreover, this sales system will allow for high product rotation, which could be another factor encouraging people to visit the branch more often.

Lastly, the third vertical emphasizes the need to reshape the branch to become a user testing environment and connect it to the ecosystem to gain insights on the full customer journey. This means that each activity performed in the branch will become a data sample to be used in CX research in the same way as user activity in digital environments. 

By investigating customer behavior, banks can gain insights on how to improve the branch experience and test new approaches in real-time. The whole branch will be equipped with technologies that use facial recognition, interactive touchwalls, beacons, or eye-tracking systems, among others, which will make it possible to track the behavior of a specific customer type with their permission.

The use of these systems will assist in the automatic measurement of customer engagement with products or services. Furthermore, it would aid in the generation of insights for the development of new offerings, as well as the understanding of the entire purchasing process for new products and services. Customers will be tracked from the moment they walk into the store, giving banks the ability to strategically re-impact them with complementary services. Hence, data can be directly monetized, with users’ permission to share it with third parties.

 
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