Accenture Banking Blog

In the previous blog in this series, we began to explore the first four of eight key attributes of the “Experience Store” in the new, digitally disrupted retail banking market. We continue with two more attributes that look at new types of branches and innovative technologies.

5. Deploy a mix of formats across local “micro-markets.” The experience store network will include a range of formats tailored to local needs and expectations across different local micro-markets and that will serve one of the three key roles identified in our previous blog (Experience Hub, Complement Store, Satellite). The formats that will take these outlets will be heavily driven by the individual location and optimized in a given micro-market. Some of the formats that we see emerge and that will each have different purposes are:

  • Flagship Store  – The flagship store is the “crown jewel” of the store network, a signature presentation of the brand’s physical experience acting as a showroom for all the bank’s products and services.
  • Digital self-service store – The digital self-service store serves a dual purpose: first, to provide convenient self-service options and digital education to customers as needed; and second, to maintain the bank’s presence in the community with less need for investment.
  • Pop-up store – The pop-up store is a temporary location positioned to meet customer demands or build brand reputation among a target customer segment and/or in a high-traffic area. It generates leads and inquiries, enables physical engagement with customers away from the traditional branch environment and tests out new methods of customer engagement.
  • Customer lounge – The lounge attracts customers into the store by providing amenities and convenience in addition to banking services. Modeled on airport lounges and retail hospitality suites, it promotes the brand through physical benefits of membership and acts as a hub for events, community engagement and third-party partnerships.
  • Neighborhood advice store  – The advisory store without walls embodies the physical/digital blur like no other. This store is small, staffed with financial advisors and acts as a physical point of locally-tailored services involving customer care, problem resolution and product inquiries and sales.

6. Empower the front-line with simple mobile technology. The experience store network will equip and empower the front-line staff to augment and facilitate the human-to-human interaction with relevant, targeted, easy-to-use technology based mostly around mobile platforms and devices.

  • Citizen AI – The newest member of the banking workforce, AI is moving out the back office to become a visible member of the banking team, through innovations including intelligent ATM/ITM devices, biometric authentication and use of data analytics to drive the in-store experience.
  • Extended reality (XR) – Extended reality will be used to market and manage customer relationships, create meaningful customer engagements and improve workforce performance. By replacing “screen-on” devices, augmented reality devices will support immersive and seamless customer interactions – including virtual “physical documentation” instead of paper forms.
  • Data Veracity – Technologies such as facial recognition and biometric identification bring major benefits like better cross-channel integration and security. However, these technologies need to be used responsibly, transparently and ethically to comply with data privacy regulations and retain customers’ trust.
  • Internet of thinking – Opportunities for new types of interaction in the experience stores include next-generation ATMs equipped with biometric authentication and integrated video calling – enabling customized, faster and more responsive interactions 24/7, with a user experience consistent with mobile and internet banking.

In the next blog in this series, we will look at two more attributes of the Experience Store.  In the meantime, read our report to get more information about the ongoing transformation of the branch network.