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 »
Defining the future of banking is a difficult endeavor we have decided to take on, and one key aspect we are often asked about is whether or not the channel structure will resemble anything we are familiar with, or if it will drastically change. Before we look at how we believe the channel strategy will
What Will Channel Strategy Look Like in 2025? 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 »
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 »
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 »
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 »
When you are embarking on any kind of change for your financial brand, regardless of the degree it is critical to get a good understanding of where your brand fits into the industry landscape. One of the most recognized tools to create this view is the SWOT analysis. We often get asked questions about how
The Importance Of SWOT Analysis for Financial Services Brands (Free Guide) Read More »
One of the top five things people want from their banks is advice on how to better handle their money. But although banks offer such services, consumers, especially Millennials, are not actually asking for this advice. This CGI report puts banks at the bottom of the list people turn to for consultation when making a
Why Customers Aren’t Asking for Your Financial Advice Read More »
In a competitive banking landscape, it is often difficult to stand out and truly connect with customers. Financial services are challenging to promote. They are complex and mostly conceptual, and can lead to financial institutions all seeming the same. Branding can help solve these issues. It can differentiate a financial institution by expressing an identity
Three Visual Strategies to Connect with Banking Customers Read More »
We recently spoke at the BAI Beacon conference held in Chicago about the work we completed for Regions Bank, a large regional bank with roots in Birmingham, Ala. The conference was well attended by more than 1,500 bank leaders and executives covering a wide range of relevant topics providing insights into what is top of
Brace for More Changes in the Banking Industry Read More »
The financial industry is very focused on leveraging the right efficiency tools such as VideoATMs, back-of-house system automation, universal bankers, AI, and big data management. These come with big capital expense budgets and attention from senior management but have yet to prove their effectiveness at growing market share. Having a clear focus on finding efficiencies
Finding the Right Fit – A Hidden Opportunity for Banks Read More »
In the world of banking, customers’ priorities are shifting. Omni-channel banking services, though still desirable, are giving way to highly curated and differentiated experiences that create deeper emotional connections. Recent research conducted by our firm for the banking industry clearly identified the branch continues to play a pivotal role in building relationships, with branch staff
What Agile Banking Means to Today’s Customer Read More »
To many people, thinking about finance can be a source of anxiety as well. Paying bills, taking out loans, and withdrawing money are inherently negative experiences, while savings and investment tasks are often considered dry and lack positive emotion. Furthermore, the finance industry in general may be perceived as complicated and dull. Compounded with distrust
Engagement and Gamification: Predicting Future Customer Needs Read More »
It seems that everywhere you look someone is talking about Millennials – they do things differently, they’re more socially informed, and they’re more digitally connected. Executives across all industries are trying to mold their strategies to meet the demands of this significant generation. The concept of retail is being redesigned, all messaging touchpoints are being
Move over Millennials! Three insights into Generation Alpha Read More »
The financial services industry is undergoing massive change and financial brands must ensure they are taking the right actions to attract and retain customers in the most cost effective ways. We see eight ways banks need to change their behaviors toward customers in order to grow their brands. 1. Find your brand purpose Have a
Eight Ways Banks Need to Adapt for Customer Retention Read More »
In their short span on the planet, Generation Z has already had a significant impact on all aspects of consumer behavior. In the report, Gen Z and the Future of Money, C Space describes Gen Z (born after 1995) as being comprised of two billion consumers worldwide; about 26 percent of the U.S. population; and
In Personal Banking, Increasingly We Are All Gen Z Read More »
