Retail bank design, and branch audits
The traditional retail banking model, comprising high street banking with digital channels for transactions, is changing. As a result banks will have to make changes to all their distribution channels. We at the CampbellRigg Agency believe that key developments will be as follows:
Branch networks will be transformed into sales and advice outlets – they will become more productive than today and their costs will be considerably lower.
New digital channels will be designed to create a “wow factor” for the user, thereby capturing these channels’ full sales potential.
In today’s business environment, banks operating in retail space require a change resilient brand with a vertically integrated value chain capable of delivering the most competitive products and services. This requirement is redefining the boundaries of a banks value chain creating greater value added branding opportunities from the lowest point of the delivery channels.
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A multi-channel branch transformation audit across different financial channels at Barclays
Barclay’s management asked our brand development team to audit and research the customer journey within their branch network and make recommendations on how to drive sales in branch. Consequently, we looked in depth at the following elements of the branch environment:
Customer segments, customer journey for each shopping mission, the selling environment, lighting, cashiers, waiting and self service areas, cross selling opportunities, the brand, external signage, window marketing, life stage literature and way finding signage.
we are a multidisciplinary team
What do we consider when preparing proposals?
Consideration is given to the design and layout of the existing property estate. A bank needs to work with what it has. The proposals should give the option to improve the branch network within a phased approach, thereby minimising initial cost outlay. All recommendations need to be based upon sound insight into customer shopping behaviour.
What can you expect to see within the proposal?
Consumer insight on how customers shop financial services.
What your competitors are doing that works / doesn’t work.
What works well within your existing branch network.
What quick fixes we could make.
What long-term changes you need to make.
In order to develop a customer journey that is logical and intuitive, we look at how the customer ‘shops’ the branch. This leads to the development of a matrix based on customer insight and shopping missions rather than the branch style matrix. By considering orientation points, sight lines, information streams, pathway, turning points and even use of colour, we find sales, impulse purchase points and cross-selling opportunities.
We believe there is a correlation between turnover and value, service and relationship. A Gold credit card differentiates income status from a Black credit card. The logic follows for a business banking environment. Business banking sits between corporate and retail. Some retail banks have business banking facilities on secondary levels of their retail branches. So why use the same corporate furniture in business and retail banking zones when customers are migrating from very different social climates?
Just imagine locating a self Service ATM zone alongside your best Mortgages brokers!
One of Barclays’ best performing mortgage teams in the UK, part of the B6, is located directly opposite an internal ATM area. The mortgage advisors tell us that being located in an area of high footfall is key to driving sales.
Solution: implement a proximity strategy, zoning departments for “high touch client service opportunities”.