Infocus

New look fi­nan­cial out­lets

Enterprise - - Contents -

The fi­nan­cial ser­vices in­dus­try is grow­ing in its need for com­pet­i­tive ex­cel­lence. The nu­mer­ous fi­nan­cial in­sti­tu­tions, in­clud­ing banks, for­eign ex­change bu­reaus, as­set man­agers and in­vest­ment groups are en­gaged in de­vel­op­ing strong brand iden­ti­ties. In all fi­nan­cial ar­eas, there are cer­tain pain points for cus­tomers, by ad­dress­ing which the fi­nan­cial in­sti­tu­tions have en­tered into a new era of re­tail com­pe­ti­tion.

The main points in­clude: deal­ing with a bank is complicated and time­con­sum­ing; the cus­tomer re­ceives im­per­sonal treat­ment and lit­tle recog­ni­tion; the cus­tomer is not in con­trol or em­pow­ered to make de­ci­sions and the cus­tomer gets no help en­gag­ing with friends and fam­ily on fi­nan­cial mat­ters.

The new re­tail designs for fi­nan­cial in­sti­tu­tions have de­vel­oped cer­tain ca­pa­bil­i­ties to ad­dress these pain points and out­per­form the com­peti­tors. These in­clude mul­tichan­nel ex­pe­ri­ence ( de­liver an endto- end cus­tomer ex­pe­ri­ence); an­a­lyt­ics- driven decision- mak­ing ( drive fact- based de­ci­sion­mak­ing and an­tic­i­pate cus­tomer needs us­ing deep in­sights from cus­tomer data); cus­tomer­fo­cused value propo­si­tion ( de­liver highly tai­lored prod­uct and ser­vice of­fer­ings that in­clude stan­dard­ized and in­di­vid­u­al­ized so­lu­tions) and in­ter­nal and ex­ter­nal col­lab­o­ra­tion.

Var­i­ous fi­nan­cial in­sti­tu­tions are evolv­ing with their branch net­works pre­sent­ing a new ‘ Re­tail Store’ con­cept and ad­vice cen­tre de­signed to meet cus­tomer needs. This re­tail ex­pe­ri­ence is be­ing cre­ated in a per­son­al­ized man­ner that is in­for­ma­tive, friendly and ac­ces­si­ble.

For fi­nan­cial in­sti­tu­tions, re­tail com­pe­ti­tion be­came im­por­tant due to the in­creas­ing chal­lenge of driv­ing traf­fic to branches. The so­lu­tion was found in cre­at­ing a more trans­par­ent and invit­ing store ex­te­rior, invit­ing the public to come in and ex­plore the in­ter­ac­tive and mod­ern- look­ing space.

By trans­form­ing a tra­di­tional branch space into a re­tail en­vi­ron­ment, the ob­jec­tive is to change the client ex­pe­ri­ence from “bank­ing” to “shop­ping”. A hy­brid of best- in- class re­tail shop­ping and fi­nan­cial ser­vices en­able cus­tomers to se­lect from a range of self, as­sisted and fullser­vice op­tions.

The new ‘ Re­tail Store’ con­cept fea­tures in­ter­ac­tive ad­vice ar­eas, touch screen tech­nol­ogy and more open space for cus­tomers. Now fi­nan­cial in­sti­tu­tions can eas­ily break away from tra­di­tional branch designs with stark decors and staff tucked safely away be­hind bul­let- proof glass.

Par­tic­u­larly in banks, ATMS have been placed deeper into the re­tail area to ex­pose self- served clients to the new en­vi­ron­ment and ex­cit­ing in­ter­ac­tive zones. Pri­vate meet­ing rooms and semi- pri­vate meet­ing spa­ces have been made more open and ac­ces­si­ble, al­low­ing for im­promptu meet­ings.

An event area may fea­ture large screens that con­tin­u­ally cir­cu­late mini- sem­i­nars and mar­ket­ing ini­tia­tives to the en­tire branch. This area can be uti­lized by mo­bile sales teams to en­gage clien­tele through sem­i­nars and events that are open to large groups at ex­tended hours. Through vis­ual mer­chan­dis­ing on the re­tail floor, the cus­tomers be­come ex­posed to the bank’s of­fer­ings in an en­hanced man­ner. Tra­di­tional dis­plays and dig­i­tal screens can be strate­gi­cally placed near ser­vice ar­eas to in­crease vis­i­bil­ity.

Im­por­tantly, Mi­crosoft has part­nered with ma­jor fi­nan­cial in­sti­tu­tions to pro­vide cus­tomers an in­ter­ac­tive bank­ing ex­pe­ri­ence through the use of its Sur­face 2.0 tech­nol­ogy.

Ev­ery fi­nan­cial in­sti­tu­tion needs to find its own unique branch de­liv­ery model — one that com­ple­ments their brand and busi­ness strate­gies. That means care­fully en­gi­neer­ing an ex­pe­ri­ence while bal­anc­ing the privacy and se­cu­rity con­cerns.

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