Bank Customer Experience (BCX) Summit

Crafting an innovative retail banking experience

A panel at the upcoming Bank Customer Experience Summit will cover how banks can craft new and improved retail spaces.

Photo: Networld Media Group

July 23, 2024 by Bradley Cooper — Editor, ATM Marketplace & Food Truck Operator

Retail banking stands at a crossroads. On one side is the older model of teller lines accepting deposits and performing basic banking transactions, and the other are branches that have transitioned to financial guidance centers that provide self-service tools for simpler banking transactions and universal bankers for more advanced services.

In between those two models, there is a lot of chaos in the banking world as financial institutions figure out how to find the right balance of digital and retail. How can banks successfully deliver an innovative retail banking experience? This topic will be covered in depth at the Bank Customer Experience Summit, held in Charlotte, North Carolina form Sept. 9 to 11.

In particular, a panel entitled Ideas and innovation for a better retail banking experience will look at how banks can craft new and improved retail spaces. Declan McCormack, client leader at BDHP Architecture will moderate the panel discussion with panelists Michelle Kile, VP of branch services, Digital Federal Credit Union, Prakash Paudel, head of transaction banking sales and business at Global IME Bank, Vikas Srivastava, VP and design lead at Fifth Third Bank and Marsha Womack, first VP, director of retail banking at Citizens Trust Bank.

Preview

ATM Marketplace reached out to the panelists to get a preview of what they will discuss at the panel and how they envision a good retail banking experience vs. a great one.

"Good retail banking experience can be considered efficient and functional, meeting basic customer needs such as transactional services and account management effectively," Paudel said in an email interview.

Qualities

He identified a great experience as having the following qualities:

• Personalization.
• Proactive service.
• Omnichannel.
• AI and innovative technology tools.
• Community engagement through local initiatives, education.

"In essence, while good retail banking meets basic customer needs efficiently, great retail banking elevates the experience by focusing on personalization, proactive service, seamless technology integration, transparency, excellent customer service, financial education, and community engagement," Paudel said. "These factors collectively create a banking experience or great customer digital journey experience that not only meets but exceeds customer expectations, fostering long-term loyalty and satisfaction."

Going above and beyond

Womack agreed with this assessment, stating in a email interview that the best experience goes above and beyond what's expected of a bank.

"A good banking experience goes beyond the transaction- even if all you do is the transaction. You leave with more knowledge, more understanding and a deeper appreciation to your partner-the financial institution of your choice," Womack said.

When asked what they were most excited to share at the event, Paudel identified, "Global IME Bank's digital initiatives for retail customer empowerment." These include:

• Digital Literacy Program to improve financial literacy among clients.
• Omnichannel solutions to allow customer to access banking via a "unified interface" whether on kiosks, mobile or online.
• Digital Universe initiative: offering customers an "all-in-one, self-service banking environment."

Womack said she was excited to share how banks can deliver expert guidance to customers.

She identified in particular, "the importance of positioning ourselves as the expert with our clients and the importance of having the needs met conversation with each interaction."

The event will be co-held with the Interactive Customer Experience Summit. One badge gains you entry to both events. Click the link below to register. Early bird pricing ends Aug. 9

About Bradley Cooper

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Bradley Cooper is the editor of ATM Marketplace and Food Truck Operator. He was previously the editor of Digital Signage Today. His background is in information technology, advertising, and writing.

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