Branch grand openings represent opportunities not only to evolve the brand’s physical footprint but also to grab market share from competitors. This is especially true in densely trafficked and populated urban markets.
Grand Opening Celebations (GOCs) will continue to thrive as banks across the U.S. better understand their communities (and their expectations)... and know who will show up and party right along with them.
Bank branches that focus solely on the transactional nature of business conducted there are missing an opportunity to “make the branch visit a brand experience.”
Although digital banking and mobile wallets dominate much of the financial services conversation on customer experience, “[Banking] is still a people business at heart.” And that’s exactly what we found in a quick review of bank and credit union social streams: branch events that focus on human interaction and relationship-building.
In a report to stockholders, Bank of America's CEO pledged that Bank of America would continue to drive responsible growth by making smart decisions based on customer needs and attitudes. And the bank is already delivering on this customer-centric focus in a number of tangible ways.
We’re long past the question, should there be branches? Customers derive value from – and want – physical locations. And financial institutions want them, too. The challenge is how best to blend high-touch with high-tech in practical ways.
A dive into the “new branch” marketing activities of TD Bank, Capital One and Chase reveals that financial institutions rely heavily on old-school, tried-and-true tactics to create awareness and drive traffic to new locations.
More and more, we see bank branches becoming a mix of environments: high touch for affluent where personal interaction is protected, and low touch – via technology – for mass market consumers. Banks are also reducing real estate and staffing costs as they move to branch models that encompass a strategic mix of venues. Here’s a quick look at why change is happening... and how that change is apparent right now.
Recent customer email communications from Wells Fargo Bank reveal a new service from the bank called "On Your Time," which allows customers to set-up an in-branch appointment to meet with a banker. We think it’s noteworthy for a number of customer-centric reasons.
According to a recent report, branches still play the lead role in converting contacts and leads into tangible sales, despite quickly growing alternative distribution channels. While it’s important to develop these additional channels, it is also necessary to evolve the branch experience for the future.