PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Kaizen In Banking

Joseph Walent by Joseph Walent
October 17, 2017
in Analysts Coverage
0
The CFPB Has Recommendations for the Future of Consumer Financial Services

The CFPB Has Recommendations for the Future of Consumer Financial Services

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Making a commitment to continuous improvement was certainly something the U.S. Automobile industry had to latch onto to avoid losing additional market share to Japanese and European manufacturers that were realizing the benefit of ongoing incremental change. The article provides insights of how the idea has taken root with U.S. financial institutions. These early-mover FIs are improving their responsiveness to consumer needs and altering the branch facility to do so.

The branch transformation journey began for Bank Midwest in 2000, the year that the $800 million-asset Minnesota bank’s management team visited Umpqua Bank in Portland, Ore., according to Bryan Wilken, CIO, and a fellow panelist. The West Coast bank pioneered the concept of the “destination branch,”—adopting a very open, modern look and introducing coffee bars (featuring its own brand), yoga classes, and other innovations.

Impressed, Bank Midwest’s management subsequently opened a new location as a beta site for a very different look and feel incorporating some of what it had seen. This process has been repeated several times since, said Wilken, with the latest new-look branch opening this fall.

Mercator Advisory Group recognizes the tightrope FIs that deal primarily with consumers and small business must walk. They need to effectively retain the foundational trust and reliability that banks represent and provide for their customers, but also incorporate and leverage the proven technologies to simplify their clients’ lives. This balance of retaining the values of the old, while presenting the flexibility and accessibility is being taken on by FIs throughout the value stack. Transforming the branch office a place people want to go is a sound strategy, especially when it is fast becoming more of a place people less often have to go.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

Read the full story here

Tags: BankingBranch TransformationCustomer Retention
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix