From digital signage and branch design to generative AI, we look at ways banks are supporting a redefined purpose for the retail channel
If there’s one central theme coming out of this year’s banking conferences, it’s that the bank branch is at an inflection point. Changing consumer behaviors have pushed financial brands to reevaluate the purpose of their retail channel. “With most customers able to do simple banking transactions on their phones, branches are redefining their role in consumer banking to complement – rather than compete with – the digital channel.” according to Forbes. “A branch experience in which customers can walk in and have a casual conversation with an employee gives banks the opportunity to understand the customer’s financial goals and act as a trusted financial advisor – not just a provider.”
Through our industry presentations and thought leadership, Adrenaline has advocated extensively for transforming an organization’s entire branch network. But what are the individual changes being implemented inside each of the retail branches? From digital signage and branch design to artificial intelligence, we take a look at three of the top trends in retail banking.
Consumers can find digital signage in nearly every updated branch across the country, but not all signage is created equally. To be effective, digital signage must be incorporated into the overall customer experience. Messaging must be mapped to the customer journey, provide relevant information and be maximized for dwell time. Many bank marketers default to their agencies-of-record for content creation, when these agencies may not have expertise in the signage space. To maximize ROI, we recommend strategic playlist development to ensure messages have the proper pacing, compelling content and visual appeal to attract and engage customers.
Updated branch design creates opportunity for bankers to move away from their workstations and shifts the experience in the branch. As transactions flow out and tasks like counting cash become a thing of the past, the branch becomes a powerful place for consultation. Operationally, banks should automate rote tasks and simplify processes, so they can focus on customer needs. According to Forbes, “Unlike mobile banking platforms, whose central focus is transactions, the main purpose of the branch is to assist customers with complex financial needs.”
Many banks are exploring using AI for automating customer service, but generative AI can sift through large amounts of data quickly and support staff in making personalized recommendations that can help redefine interactions. One bank is already using AI this way, as outlined in Believe in Banking. Instead of having customers interact directly with AI through chatbots or apps, DBS Bank uses the technology to make staff better. The bank’s Chief Data & Transformation Officer Nimish Panchmatia says, “We view AI not as a replacement for human interaction, but as a powerful co-pilot to reduce toil for our employees, so they can deliver differentiated outcomes for our customers.”
To learn more about retail strategies for your financial institution, or to speak with one of Adrenaline’s brand-to-branch experts, contact us today.
Adrenaline is an end-to-end brand experience company serving the financial industry. We move brands and businesses ahead by delivering on every aspect of their experience across digital and physical channels, from strategy through implementation. Our multi-disciplinary team works with leadership to advise on purpose, position, culture, and retail growth strategies. We create brands people love and engage audiences from employees to customers with story-led design and insights-driven marketing; and we design and build transformative brand experiences across branch networks, leading the construction and implementation of physical spaces that drive business advantage and make the brand experience real.
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