a commitment to continually improving your bank and reposition.pdf · • reinvention starts with...

reinvent and repositiona commitment to

continually improving your bank

Washington Bankers Association

Thursday, October 29 – 2:15 – 3:15 pm

joe sullivan, ceo

market insights

agenda

1. why now?

2. why you?

3. cornerstones of Re-invention

4. what’s next?

2© 2015 Market Insights

3

• consultant• writer

• speaker/facilitator• psychotherapist

• yogi• marathoner• coffee lover

© 2015 Market Insights


be amazed!

banking

is necessary;

banks are not

- Bill Gates



me

re·in·vent [verb] - to make major

changes or improvements;

to present (something) in a

different or new way


re·in·vent [verb]


reconsider

branch/

delivery

formats

know your

market

and your

customer

create a

great

customer

experience


know your market

and your customer

In the consumer space, there’s a

huge shift in what customers are

doing. We see it across all

industries. It’s redefining what

relationship means; it’s redefining

what convenience means.

Beth E. Mooney- CEO, Key Corp.


know your market and your customer


• size of trade area

• older vs. younger

• business types

• growth trends

• competition

• channel usage

within a

market area



broad generalizationsinsights on your

actual and potential

customers

to


P$YCLE Retail Segment DistributionNot all markets are the same!



P$YCLE Retail Segment DistributionNot all markets are the same!

0%

5%

10%

15%

20%

25%

30%

35%

Household Life Stage per 3 mile radius

Market A

Market B

Market C


social media use among adult internet usersSource: Pew Research – 1/9/2015


71% 23%28% 81%*

*Source for YouTube data (March 2015): comScore

researching


reconsider branch/

delivery formats


reconsider branch delivery formats



“In 5 to 10 years your

digital and remote

channels will be so

sophisticated and

appealing that,

frankly, consumers

will find coming into

your branches to be

an inconvenience.”

— Lee Moreau, Continuum


ATM Self Service Hybrid Full Service

Walk-up/Drive-up Banking Center Banking Center Trad. Branch

Specifications

Size (sqft.) N/A 250-300 1,000 2,500

Cash Recyclers X

Traditional ATM X

Video Enabled ATM/Kiosk X X X

Environment (Market Type)

Urban (high pedestrian traffic) X X X

Suburban/shopping X X

Small Town/Rural X X

Workplace X X X

Typical Situation

Downsizing (sqft.) X X

Consolidating (2 into 1) X X

Satellite (feeder) location X X

Branch closure X X

Staffing Model

Universal Banker X X

Specialized (invsmnt, mortgage, etc.) X X

Phase out tellers X

© 2015 Market Insights, Inc.


25© 2015 Market Insights*Source for YouTube data (March 2015): comScore

researching

How am I/we adapting this branch to better

align with how customers use it?:

1. ___________________________

2. ___________________________


create a great

customer experience

create a great customer experience




Single Channel Multi-Channel Cross-Channel Omni-Channel

Bulk of revenue from one channel

• Traditional branch• Online

Different channels in silos

• Different customer experience

• Siloed business units• Internal competition• Brand dilution• Product variety

Some cross-channel

capabilities

• Single brand access across all channels

• Product synergies• Separate supply chains

and systems

Unified and seamless

experience

• Flexibility and seamless access to services

• Full product offering across all channels

• Single view for the customer across all channels

• Single organization servicing all channels

Building a positive omnichannelexperience remains a work in progress for most banks. Research shows that when done well, an omnichannel experience can strengthen relationships streamline the experience and increase profitability.

Jim MarousThe Financial Brand



zones of engagementEmpowerment/Education

Engagement

Specialized Sales

Self-Service


You aren’t innovating unless you aremaking banking easier and

finding ways to save people time.

- Jeffry PilcherThe Financial Brand


re·po·si·tion [verb] – place in a

different position; change the

image of a company

to target a new or wider market


publicizeplan prepare

re·po·si·tion [verb]

• banking is experiencing both evolution and revolution

– and you must rethink everything

• reinvention starts with knowing your market

and your customer

• delivery channels – and the customer experience you

will create through them – must evolve.

• there is no one-size-fits-all solution

• repositioning occurs in the mind of your customer

…and remember, reinvention & repositioning is an

ongoing process

takeaways


soon

is not as good

as now

Seth Godinauthor of Poke the Box


800.348.0220 - www.formarketinsights.com

@mi_sullivan

[email protected]

thank you


both types of change require

informed and strategic action

…that’s where we can help!

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