The future of retail banking! Lessons for us!

What happen with the retail industry? How has it impacted Internet with different business like, banks, clothing stores and retail in general, even restaurants?

Couple months ago I had a meeting with a Banker in their office in the city of Coral Gables, their office is like 3.500 square feet approximately! Almost the size of a basketball court, the office was literally empty I am talking about clients or at less visitors, they have 4 desks for customer service representatives occupied for employees and then 5 front desk for tellers with just one spot occupied for an employee (teller) Where are the people? I mean; Where are the customers?

Let’s see another Bank in the Little Havana in Miami, where most of the population are older, the bank is full of customers. People in lines waiting for tellers, others waiting at the lobby for assistance.

What happen? The first bank has no clients and the second does? Nop! Both Banks have clients. Technology is the answer, consumers use computers and most use smart phones to do transactions, now you can deposit a check with your Smartphone through an App if you have to, because you can transfer money with an App too without using checks.

So, How is gonna be a future of banking? How banks can to interact with public in general? In a market where spaces are more relevant than ever and a space without activity loss value and worth; How a bank can generate value to the market?

An Answer. I am lover of innovation, specially in business, reason why I have to give credits to Capital One. Few years ago Capital One came up with a new way to do Banking and I have to admit they are close to the future of banking. I say close because my advice for them is do not forget to create an exclusive space into their locations to create an experience of care, attention, personalization and exclusiveness with they own clients.

Capital One Cafe, is an experience of Bank office plus Coffee place and bakery plus co-working space. When you cross the door of a Capital One Cafe location you find everything that you need from a Bank, ATMs (nobody need a Teller nowadays), Bankers name it Ambassadors, you find a Coffee shop to get a good Coffee with a pastry and you find comfortable couches, nice tables to work or study, private rooms for meetings dedicate to students or Nonprofits and others meeting rooms open for everyone, plus a good WiFi (free). Is an open space to everyone with no compromise to do business with the bank or purchase coffee to enjoy the WiFi. Guess what? The place is always occupied with people, students from different Universities, entrepreneurs and professionals. This is a smart strategy to take advantage of a space, create branding and generate business.

Retail industry is impacting with Online Commerce, I am believer that nowadays design, innovation and strategies in retails need to be present at the store in order to be present in the market otherwise you are in risk of disappear. I think we have a great lesson about what we can do in a retail space even in a restaurant.

Big questions: What are you doing in your business to generate value? Are you doing a good job? Are you doing strategies with other companies that may complement your business?

Looking forward to meet a new business owner.

Alexander Lara

Business Coach & Consultant.