You may have transformed your physical retail spaces, but what now? Have you really merged the physical and digital journeys of your customer?
Banks have always considered themselves the original “community centers.” But as new technology drives consumers away from their local branches, these retail spaces must be rethought. Many banks have reshaped their branch layouts these past few years, but those banks are left thinking “What now?” Are the banks getting a return on this investment?
Creating more consultative branches by taking cues from the cellular providers and shopping giants has no doubt helped boost the morale and change the mindset of many branch employees. Tired, static teller lines have turned into open, welcoming spaces. Some banks have tried coffee. Some have gotten more creative with customer appreciation days. But has this branch transformation truly helped merge the traditional and the digital for banking customers or helped improve the bottom line with the remaining traditional customers?
No one seems to have the answer.
Branches needed the refreshment, but it feels like a big chunk of the branch transformation strategy is still missing. It goes back to deeply understanding how your customers bank. It’s hard, but gleaning a full picture of channel-by-channel transactional habits and then personalizing communication and attracting both disengaged and engaged customers is paramount today. An example of this could be based on an analysis that showed you a large chunk of your customers at a location are still using an ATM to make small check deposits. An opportunity for mobile check deposit, right? Yes, but don’t stop there. Offer a “digital day” to these customers to come into your branches and learn how they can get the most out of your banking tools.
You can attract customers to your branches again, but the answers lie in the data and require a level of personalized communication and creativity to drive traffic. After all, don’t you want them to actually see the inside of that fancy new branch?