Portland, Oregon-based Umpqua Bank has created a branch banking experience that is more like the local Starbucks.\u00a0Or, like staying at a Ritz-Carlton, shopping at an Apple store, or flying Southwest Airlines. \u00a0It is a concept that they began several decades ago, and it is built on a successful recipe of community service and employee-empowered customer service. \u00a0The concept even has a name: \u00a0the Neighborhood Store.<\/p>\n
Umpqua understands that the employee, knowledge, and technology go hand-in-hand in hand. \u00a0Branch staff are both well-trained and equipped with high tech devices (they have \u201cmobile concierges\u201d, with iPads and headsets) for making customer inquiries and transactions go smoothly and efficiently. \u00a0What really sets Umpqua apart, though, is that they really put \u2018community\u2019 in community banking. \u00a0Branches are purposely designed to serve as gathering and event spaces, hosting things like movie nights, yoga classes, small business expositions, and art exhibits.<\/p>\n
As an Umpqua SVP was quoted stating in a recent magazine article: \u00a0\u201cFinances are challenging enough \u00a0\u2013 \u00a0why are bank branches formal and intimidating? Why does banking have to be a chore? \u00a0Why can\u2019t banking be an enjoyable experience?\u201d \u00a0Umpqua has created that enjoyable experience, making customers comfortable in attractive spaces, and interacting with empowered staff looking to build a meaningful relationship. And, beyond design and comfort, relationship-building and being trusted advisors to their customers is mostly about culture. That\u2019s where Umpqua excels.<\/p>\n
Some of the larger institutions, like TD Bank for example, are not directly following the shadow banking, local branch-closing mantra seen with many of the other bigs: but they are also reframing the customer\u2019s branch experience to be more like Umpqua Bank, that is they\u2019re making visits about personal, individualized, \u201chuman\u201d interactions: \u00a0http:\/\/customerthink.com\/td-banks-human-initiatives-marketing-strategy-or-marketing-tactic-powerful-marketing-success-or-expensive-marketing-radar-blip\/<\/a><\/p>\n Like Metro and Republic have recognized, another emerging branch banking trend is that they are also beginning to think about how the next generation of customers, who are even more tech-savvy and less institutionally-oriented than millennials, will use their branches. \u00a0Teens and pre-teens have grown up with digital, mobile social connections and apps. \u00a0They are, as a consequence, early adopters of new tech devices, and their life priorities are different from those of their parents, and unique to this age group. As quoted by Tyler Sherman, a 16 year-old high school student from Belair, MD (and newly minted driver): \u201cThe future is technology, and you can take that to the bank”<\/p>\n So, which vision of the branch will win out going forward? \u00a0Once again, Yogi Berra has the best predictions and perspectives to offer: \u00a0\u201cThe future ain\u2019t what it used to be.\u201d and \u201cIf you ask me anything I don\u2019t know, I\u2019m not going to answer.\u201d<\/strong><\/p>\n Republished with permission from CustomerThink.com
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