What if Your Bank Branch Was Like the Apple Store
November 28, 2007 at 10:11 pm by Ehab BandarChris Skinner in his blog post “Bank strategies are fundamentally flawed” writes that banks should stop thinking of channels and just recognise that they are IP-enabled. He bemoans that banks have been left behind in the internet revolution, and that…
The ATM, call centre and internet channels were all built as layers of cake created when the physical branch was the foundation. The electronic channels were built as ancilliary to the core branch channel. That is why they were often separated and have this chasm of non-integration between each other, as banks were built on a physical distribution model where electronics were layered on top.
This got me thinking: what if your bank branch was like the Apple Store? Instead of the bank teller counter, you’d have the Genius Bar. Instead of ATMs dispensing money and information, you’d have stored value cards and the internet to do online banking. To get in-person advice or if you’re experiencing problems with your checking account, you could go online and schedule a time with a virtual Concierge to get help. Instead of your financial information and applications sitting on multiple systems, they’d have just one operating system (so to speak) that’s constantly upgrading its performance and security. Instead of product brochures, you could walk into a store and talk with a “specialist” who’s passionate about their product — I can dream, can’t I?
But you get the picture. If we see the world as completely IP-enabled, then connectivity and access would be paramount. All your bank functions and information would be integrated so that you could get to them from any IP-enabled device. While we’re not there yet, both technology and our perceptions of money have a long way to go before the “world is populated by digital natives.” For banks, that means rather than adding different products and services to their existing lineup, banks ought to merge, simplify and enhance their current offerings. Rather than creating 10 different savings accounts, offer just a few with the ability to customize.
What the success of the Apple Store also tells us is that no matter how digital we become, face-to-face contact and interacting with the product (even one as ephemeral as financial products) are essential to building lasting relationships. Banking is more than just moving money around, it’s about how we live, who we trust and how best to make use of the money we have.
Banks are already taking a page from Apple, with the likes of Wells Fargo adding Online Stations in their stores (Wells Fargo’s term for their branches). ING Direct has their Cafes, which unlike the Apple Store, is not nearly as elegant and subtle about their branding. But it is a hopeful sign that banks are beginning, albeit slowly, to understand the relationship between the digital and literal worlds in which we inhabit. Having one does not mean losing the other, but it does mean that they have to talk to each other.
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