Summary
In an ever-increasing sea of competition, retailers are constantly devising ways to separate themselves from their peers. Not only do they have to compete for new customers and market share, but they also need to retain their current customer base. As financial institutions start to think more like retailers, many are realizing that creating a customer experience rooted in community connection allows them to create an emotional bond with the local customer base and separate themselves from the pack, as well as to build brand loyalty. To accomplish this, many banks across the country are redesigning their branches with elements to support, involve and connect with their neighborhoods by providing a place for locals to meet, to recognize the communities' history and important contributors, and to relax while having coffee and accessing the Internet. As it continues to become more and more difficult to break away from the competition and establish a unique identity, it may come down to the little things and subtle nuances that make the difference. Success for some banks may come to those that best represent, recognize and stand behind the community they serve.
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Extract
Stand Out or Blend In
In an ever-increasing sea of competition, retailers are constantly devising ways to separate themselves from their peers. Not only do they have to compete for new customers and market share, but they also need to retain their current customer base.
As financial institutions start to think more like retailers, many are realizing that creating a customer experience ro...See the full content of this document
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