In most of these situations, we have found that there have been champions spearheading the incubators. At the same time we do not find significant research into consumers evolving preferences re brick to click priorities. Actually we have found some technology suppliers are the real catalysts behind the sponsoring bank initiatives.
What are the facts? First, we know time and again that consumers are multi-channel and supplier users. Second, the costs of building and operating new bricks and mortar in the traditional way are not financially feasible for short-term results.
Thirdly, knowledge and behaviour of strategic staffing must change from functionality-focused roles to more universal associates in average and small units.
The retail financial services store perhaps needs real innovative thinking involving customers, staff and external resources who act as an evolving Steering Committee for a target segment solution. Whatever methodology you use, ensure that customer centric research drives the thought processes and that the total channel choices controlled by customers are considered.
By Pat Palmer, Principal & CEO, Where Eagles Soar Inc