Reshaping the Concept of the BANK

by Joseph Walent 0

The transformation of banking services may be most tangible in the innovations and modifications that are being implemented in the physical manifestation of financial institutions to most consumers, the branch office. The integration of digital communications to facilitate interactions within the location, and essentially reconfiguring the space to make it more inviting and comfortable to consumers are two prevalent themes underlined in the article and from our observations of this changing banking channel.

“Instead of a transactional space, we thought that we needed to make an interactive space, where our customers can interact with us, where they can interact with each other, or even just come here to have a cup of coffee or do Internet,” said Justo Ortiz, Unionbank’s chairman and CEO.

The blending of the past with the future is exemplified in this instance of branch transformation outlined in the article, which is well summarized thusly:

“At all times, we believe it is a trinity – between digital, physical, and the brand. If there’s something that sticks with consumers, we take it and we enhance it. It’s an ever-iterating experience,” said Myla Villanueva, Managing Director of MDI Group Holdings. Unionbank collaborated with MDI for The Ark’s full concept.

Mercator Advisory Group believes the experimentation currently underway will indeed be an ongoing and fluid process as consumers increasingly expect the highly personalized service levels they experience with online merchants in all commercial dealings, regardless of virtual or physical in nature. We expect FIs will accelerate their pace of realigning their physical and digital spaces to maximize the value of the trust and reliability they have built in public consciousness.

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

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