Retail Bank of the Future
Designing Innovative Solutions for the Next Generation of Banking
Challenge
A major retail bank aimed to fundamentally transform its branch network to enhance customer service in an increasingly digital environment. The bank needed to develop "Branch of the Future" concepts that seamlessly integrated digital technology with personalized customer service, creating an engaging and efficient banking experience. The challenge was to align these new branch concepts with evolving customer expectations and technological advancements while ensuring a consistent and scalable rollout across the bank's network.
Solution
We developed and executed a comprehensive strategy to design and implement the "Branch of the Future" concepts:
- Improved Customer Experience
- Increased Operational Efficiency
- Enhanced Customer Engagement
- Scalable Solutions
1. Strategic Foresight & North Star Visioning
Conducted strategic foresight analysis to identify emerging trends in retail banking, digital technology, and customer behavior.
This analysis guided the creation of a clear North Star vision for the bank's future branch network, aligning the branch transformation with long-term strategic goals.
The foresight process also involved leading a two-week innovation workshop with the bank's senior leadership team in a major European city, where North-American style innovation approaches were introduced and adapted for the European market.
2. UX Strategy for Products & Platforms
Designed a user-centric experience that integrated digital technology with in-branch services.
The concepts included interactive multitouch self-service kiosks, personalized customer interactions using advanced touch computing, and seamless integration with the bank's online and mobile platforms.
A key innovation was the development of "virtual portfolios" for credit derivatives, which allowed the bank to manage these portfolios without immediate execution, optimizing the timing of trades based on market conditions and reporting requirements.
3. Experience & Service Design
Developed and coordinated the implementation of end-to-end service experiences within the branches.
This included designing the physical layout to support the new technologies, mapping the customer journey to ensure a cohesive and engaging experience, and integrating new touchpoints such as location-aware mobile services and in-branch navigation.
These innovations were piloted at the bank's showcase branch in a major European capital, where clients could experience a more personalized and efficient banking environment.
4. Design Research & Concept Validation
Conducted extensive research to understand customer needs and preferences, validating the "Branch of the Future" concepts through iterative prototyping and testing.
This research ensured that the designs met customer expectations and aligned with the bank's strategic goals.
Specific innovations such as interactive visual calculators, shared digital spaces for client-advisor interactions, and life-stage-based product selection tools were tested and refined to enhance the overall customer experience.
Impact
Our strategic foresight and innovative approach to retail banking significantly enhanced the bank's branch network:
Improved Customer Experience
The user-centric design and seamless integration of digital technology created a more engaging and personalized banking experience, leading to higher customer satisfaction and loyalty.
Increased Operational Efficiency
The "Branch of the Future" concepts streamlined branch operations, reducing wait times and improving service delivery, particularly through the use of multitouch self-service kiosks and location-aware services.
Enhanced Customer Engagement
The innovative branch design and personalized interactions, including the use of virtual portfolios and interactive financial planning tools, led to increased customer engagement and deeper relationships with advisors.
Scalable Solutions
The concepts were designed to be scalable, allowing the bank to implement them across its branch network as needed, ensuring consistency and adaptability in a rapidly changing digital landscape.
How We Can Help
At our company, we specialize in strategic foresight and designing innovative retail banking solutions.
Our expertise can help your organization:
- Conduct Strategic Foresight Analysis to identify emerging trends and guide the development of a clear North Star vision for your branch network.
- Design User-Centric Experiences that integrate digital technology with personalized service, enhancing the customer journey and satisfaction.
- Develop and Implement Service Design Concepts that improve operational efficiency and create a seamless, engaging banking environment.
- Conduct Design Research & Concept Validation to ensure solutions are aligned with customer needs and strategic goals.
Client Experiences
They helped lay the foundation of our expansion into design agency services and adopting design thinking to build complex software for the financial services industry.
Director, Financial Software Firm
Their expertise made our product user-friendly. The branding work created a strong, identifiable look for our company.
Vice President, Development and Operations
Some of the most talented and competent digital artists I have ever met, with a rare talent of a creative sensibility and technical wizardry.
Founder, Rossignol & Associates
Looking to reimagine your retail banking network?
Let’s develop "Branch of the Future" concepts with strategic foresight for mission-critical innovation.