Had a great opportunity to attend the recent “Retailution” conference hosted by BAI, the Bank Administration Institute in Chicago.
“Retailution” refers to the evolving consumer banking world – today’s consumer has brand expectations shaped not by its bank, but by service and brand presence delivered by any of the myriad experiences of consumers each day.
Banks can’t sit on the laurels of the past – those days are far gone, and regaining trust and confidence remains a primary objective.
This year’s conference still had elements of how the branch experience is a high impact interaction point. But more so, the incredible growth of the mobile channel and how it is incorporated into a multiple channel setting is key. Get it wrong, and you are regulated to the heap of undifferentiated brands at best not mentioned, and at worst mentioned in social media channels.
Be aggressive in leveraging customer interactions across multiple channels – the tipping point from web or pc to smartphone has been smashed. It’s a tidal wave, and ripe for new applications, leveraging of data and analytics.
This is not just a passing fad – this is how people will not only communicate but interact with banks, retailers, travel and medical firms, as well as run many of the critical elements of everyday life. Get mobile – get going.
