If you had a problem with your mortgage, which of these experts would you trust for advice? A) A bank advisor; B) a television personality; C) your parents; D) the internet. The answer might seem obvious, but you’d be surprised how many people would have trouble figuring out the solution. We’ve talked before about the advice […]
Who Customers Turn to for Financial Advice Read More »
There is a growing trend for banks to partner with millennial-friendly retailers in the hopes of driving traffic and relevancy for their branches. From credit unions to large banks, such as Capital One’s foray into cafe experiences that rival some of the best coffee chains, the allure of finding a complimentary partner to drive branch
No, Your Bank Doesn’t Need a Coffee Shop Read More »
Traditionally, food from convenience stores often focuses on packaged snacks, and hot food offerings may be perceived to be of dubious quality. Yet according to research from Nation’s Restaurant News, convenience store food quality is improving, shifting consumer perceptions and becoming a threat to fast food restaurants. However, if a fast food restaurant has moved in
Are Convenience Stores Becoming the New Quick-Service Restaurants? Read More »
There is no question that automation can provide banks with benefits beyond efficiency. However, in the excitement around the new possible efficiencies that more intelligent machines can offer, banks may be inclined to jump the gun and invest in a “smart” system that will end up costing them in the end. Not only is there
What Not to Automate Read More »
Virgin Money got some well-deserved attention this week for its new UK retail space, which features bowling, air hockey, pool, and other lounge elements to redefine the banking experience. In an industry often seen as stodgy and old-fashioned, Virgin Money did the unthinkable – it made banking fun. So, whether you’re planning your own exciting new branch
7 Novelty Experiences for Retail Banks Read More »
Preparing an effective Request for Proposal (RFP) can make the difference between a successful or an unsuccessful bank transformation. This white paper covers six strategies for creating a strong RFP based on three decades of experience on both the client and supplier sides of the experience. Fill out the form below to download the full
Preparing Your Bank Transformation RFP Read More »
Avoid Branch Disruption The death of branches is a topic of many boardroom discussions, but has been greatly misunderstood and even exaggerated. From channel restructuring to branch footprint downsizing, as well as the use of new digital technologies to reduce the cost of transactions, banks have done a great job of reducing the customer experience to
Branch Transformation 2017 Read More »
Small businesses are the epitome of what has been called the American Dream. Entrepreneurship, the idea that anyone who has something to offer can set up shop and earn their living contributing to their community, is in many ways a cornerstone of the American cultural identity. It is more relevant today than ever before, with
How Banks Can Drive Growth for Small Businesses Read More »
The goal of any restaurant operator is to drive repeat visits. Loyal customers tend to drive better margins and greater sales (while also providing some predictability to same-store sales) and cost less to market to than new customers. When considering brand loyalty for food service operators, fostering a sense of belonging is crucial to creating
Brand Loyalty in Foodservice: How to Create a Sense of Place Read More »
Breaking Branches – Learning Lab For the unprepared, branch transformation can be a Herculean task. That’s why Jean-Pierre Lacroix, an expert in brand transformation, and Stephen Griffin, who led the transformation of Regions Bank branches, will lead a workshop on breaking (and rebuilding) branches at BAI Beacon. A select group of attendees will have the opportunity
With the Equifax hack dominating headlines, consumers are once again reevaluating the relationships they have with their banks. It can be difficult enough for customers to trust large financial institutions when they think everything is working fine, but in a new age of cybercrime and insecurity, it is harder than ever to convince the public that your
Building Privacy into the Branch Experience Read More »
Nobody can predict the future, but Apple and other forward-thinking companies have demonstrated that you can help create it. The banking industry is faced with numerous changes that are challenging banks to envision a future that looks quite different from the way we bank today. Before banks can seize the opportunity, embrace change and shape the future
How Banks Should Start Preparing for 2050 Read More »
In spite of nationalist movements, that are currently having a moment in western countries, the reality is that population growth is going to be driven by immigration. Generation Z will be the most racially diverse cohort the planet has ever known, many of them the children of immigrants or interracial marriages. With this demographic shift there
When researching the rash of stealth attrition currently unsettling the financial services industry, we collected lots of data about consumers’ banking habits, preferences, and behaviors. We’ve already broken that data down in several ways to highlight different things – for instance, we broke down the types of customers most likely to switch financial institutions to highlight their reasons for leaving
Breaking Down the Customer Loyalty Pyramid Read More »
In recent years, there has been a lot of talk about how bank branches will adjust because of digital banking’s disruption to the traditional banking network. To meet unfulfilled needs from online and mobile banking, these future branches may be more experiential, advice-based, or technology-focused. Therefore, they will require staff with different skill sets than
Ten Important Skills for Future Bank Branch Employees Read More »
Why aren’t customers asking banks for advice about their money problems? Once upon a time a concern like saving for retirement or financing a new small business would have been the natural dominion of a bank manager. Today, not only are bank customers more likely to ask their family and friends for advice on these
The Advice Bank Customers are Craving Read More »
Disruption is the new reality for every industry and the biggest challenge retailers of all stripes share is how to remain relevant with customers. Banks are not immune to these rapidly advancing changes and can learn a lot from retailers who live in a world of too many stores, a shift to online and mobile
What Banks Can Learn from the Retail Industry Read More »
Regardless of whether the infamous Trump wall is ever built, the American economy relies on immigration to ensure robust growth. As boomers age and birth rates drop, it is inevitable that this will continue. By 2050 it is expected that 37 percent of the U.S. population will be either first generation immigrants or second generation
Banking on Diversity Read More »
Building a stronger connection with banking customers is crucial to maintaining their loyalty, and yet, this is often a difficult task since each customer has unique attitudes and needs. In SLD’s research on stealth attrition, we identified three levels of engagement among customers, based on their connection and involvement with their primary bank, ranging from low to
Build Stronger Relationships with These Three Customer Types Read More »
Women now own 36 percent of North America’s private businesses, control almost half the personal wealth, and the pace of growth for women has overtaken growth for men. This trend is expected to continue and should give banks something to think about. “Gender-neutral” products and services are de facto male-focused because they do not take
Why Women are Leaving Your Bank Read More »
