For years, banks have nurtured online banking in response to changing consumer habits, as well as to contain the threat of virtual banks. In emphasizing a digital-first approach, banks have neglected to leverage existing retail assets against newer and more agile web-based competitors.
The importance of retail assets lies in how digital products are starting to interact with physical touchpoints. Seamlessness is key to capturing modern consumers who expect convenience and efficiency from all their interactions. In choosing to address this, we had to map out user behaviors and identify critical paths and usage case bottlenecks. This helps us identify which technologies and class of interactions to design for.
The result is Bank 3.0 - an omnichannel banking experience. Elements like virtual queuing help shorten lunchtime queues and help staff prioritize customers. Touchscreen service desks allow customers to sit down personally with their bank representatives and watch the transaction being performed on a shared screen. An in-house coffee shop allows for more intimate and informal interactions with financial advisers. A unified banking UI helps customers and bankers speak the same language - ultimately helping separate banking units consolidate and reduce spending.
With this system in place, banks can expect increased customer servicing capacity, reduced staffing costs, reduced organizational overhead, and increased organizational agility. Bank tellers can be freed to take on a more advisory role with their customers, building relationships that help the bank to know their customers and understand what products they need.
And ultimately, this concept and others like it, aim to change the retail banking paradigm and bring it into the 21st century. It is as much about helping customers as it is about helping banks remain relevant.
If you'd like our consultants to redesign your user experience across physical and digital realms, feel free to get in tou
