How much time do you spend on your mobile phone each day? In the United States, the annual average continues to increase, with 2018 setting a new record among adults, who now typically spend 3 hours and 35 minutes per day looking at their phone. Not surprisingly, the majority of this time (over 90 percent) is […]
Why Your Retail Store Needs a Mobile App Read More »
With so much access to information these days, decisions can be hard. We are all generally more informed, but there are also more options to consider, opinions to hear, and claims to be validated. Simplification can help address this issue, and many industries have leveraged it in their branding and business strategies in order to
How to Simplify the Banking Experience for Customers Read More »
Digital technology has changed retail. You can now buy an item from your phone and have it shipped to you without ever visiting a store. If shoppers actually visit a retailer, they often encounter digital technology such as screens, mobile app integration, augmented and virtual reality, and mobile payments. These digital experiences can help attract,
The Influence of Digital Technology in the Shopper Journey Read More »
The subscription trend began online with platforms like Netflix and Spotify, companies that provided access to information over the internet. As delivery costs drop and customers become more comfortable with e-commerce, e-retailers have begun successfully using subscriptions to sell everything from shaving supplies to groceries. Clever bricks-and-mortar retailers are getting in on the action by
Will Subscriptions Work for Traditional Retailers? Read More »
In my book, Desire by Design, I cover in great length the power of fans in driving desire for brands. What I have learned over the many years of helping brands remain relevant is the fact that for any brand, whether it’s toothpaste or a new high-end car, having brand ambassadors promoting your product is
How to Convert Customers into Brand Ambassadors Read More »
We recently launched a new branch design in Beijing for CZ Bank, which included a cute and entertaining robot with was cartoon-like features and a child-like voice. The purpose of the robot was to serve as a secondary greeter when the branch was extremely busy, and although it functioned as planned, its role was more to
Meet Erica, Your New Robot Banker Read More »
The convenience of Amazon Go – a completely automated shopping experience, free of cashiers, queues, and check-out counters – hasn’t quite materialized as quickly as promised. When the retail giant first announced its ambitious concept, it promised to bring the idea to the public by early 2017, but so far the project seems to be floundering. While
How Retailers Will Compete with Amazon Go 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 »
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 »
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 »
As a bank executive, one of the most urgent matters you face these days is how to update your business model to address the dramatically changing behavior of your customers. One important insight you already leverage is that you understand your customers well: modern banking customers expect service that is personalized, efficient, and immersive, and
Three Strategies Banks Can Learn from Specialty Retail Read More »
With 20.0 percent (24.8 million) of U.S. households falling into the “underbanked” market segment of the retail banking (2013 FDIC report), almost 25 percent of bankers see this segment as a growth opportunity. To serve the underbanked, there are several transformation opportunities in retail banking trends around process, structure and message worth considering. Process The first lever for
Retail Banking: Potential Transformations to Serve the Underbanked Read More »
