Believe in Banking Podcast
In this episode, Sean and Gina discuss community building in banking. As one out of ten people consider switching primary financial institution and 25% of businesses expecting to switch their banking relationship this year, there are new opportunities for community banks and credit unions to start new relationships. Expanding on traditional definitions and assumptions, community building goes beyond the boundaries of geographic location to create new relationships around a common set of interests and values. Sharing relevant examples, Sean and Gina recommend community instititions leverage the power of affinity, life stage, values, expertise, and local commitment to deepen connections with customers.
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Juliet D’Ambrosio discusses how FIs can leverage the untapped power of ITMs
Since their introduction, ITMs have met consumer needs for convenient transactions while providing a personalized experience. With only a quarter of banks currently using ITMs, 60% plan to implement more over the next three years. New data on ITM use from Adrenaline finds high consumer interest among all generations and an overall positive view of their experience amount current users. Watch above to learn our best practices for deploying ITMs.
We believe that banking can help us overcome this crisis and emerge stronger for it.
Data-Driven Decision-Making in Banking
Leveraging data to inform brand experience, branch design and meaningful marketing in financial services In today’s data-rich environment, brands are awash in a sea of …
How the Banking Industry is Answering the Environmental and Sustainability Clarion Call
An industry snapshot of banking’s rising commitment to environmental and green initiatives As part of a focus on Earth Day, financial institutions released a spate …
The Future of Formats: Redefining Branch Banking for What’s Next
Indicators and influences from the retail sector on branch formats It’s no secret that the branch banking experience is due for an overhaul. While COVID …
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Believe in Data
Outside View
Experiential, educationally-focused store environments that seamlessly integrate technology are the future of a growing industry
In another example of the rebounding economy and retail resurgence, the country’s largest cannabis company Columbia Care has announced a significant investment in its network of brick-and-mortar stores. The company’s new storefront brand Cannabist is opening three stores in April and May and will expand to 80 stores nationwide over the next 24 months.
As outlined in Ad Age, the Cannabist locations are inspired by both hospitality and the Apple retail experience and designed to support transactions by elevating education and experience. Store design encourages employees and customers to engage in conversations that enhance the shopping experience, whether through product recommendations or more general information-sharing.
“What we want to do is create an experience that was driven off of this concept of empathetic education,” according to Jesse Channon, Columbia Care’s Chief Growth Officer. “We wanted beautiful spaces that would feel very welcoming and approachable.”
Integral to the store experience – and in support of customers’ discovery and education – Cannabist stores deploy technology that serves as a bridge across the retail ecosystem and enables a seamless shopping experience from anywhere. Even more, employees undergo extensive training so they’re able to support, consult and advise customers – not just sell.
The Cannabist store design and investment in its physical channel reflect consumers’ desire for personalized retail experiences that deliver trusted advice – and provides a powerful platform to meet their needs well into the future. “Since the company’s founding in 2013, we have been listening to and learning about the… customers and stakeholders we serve. Over and over again, the market has been searching for expertise and trust,” says Nicholas Vita, Columbia Care CEO.
Channon agrees, noting the future-facing role of their new retail brand. He says, “Cannabist is not only a reflection of where we are now, and all of the markets we serve, but it is also a commitment to where we are going. [We] can grow with an ever-changing industry… and serve as the platform for continuous innovation.”
As the financial industry faces a shifting post-Covid consumer landscape and reimagines the role of its physical branch networks, Cannabist and other examples like it can provide fresh insight and inspiration. To learn more about how your bank or credit union can deliver retail experiences that support more educational, consultative, and valuable relationships, email info@adrenalineagency.com.
Photo Credit: Cannabist
Experiential, educationally-focused store environments that seamlessly integrate technology are the future of a growing industry
In another example of the rebounding economy and retail resurgence, the country’s largest cannabis company Columbia Care has announced a significant investment in its network of brick-and-mortar stores. The company’s new storefront brand Cannabist is opening three stores in April and May and will expand to 80 stores nationwide over the next 24 months.
As outlined in Ad Age, the Cannabist locations are inspired by both hospitality and the Apple retail experience and designed to support transactions by elevating education and experience. Store design encourages employees and customers to engage in conversations that enhance the shopping experience, whether through product recommendations or more general information-sharing.
“What we want to do is create an experience that was driven off of this concept of empathetic education,” according to Jesse Channon, Columbia Care’s Chief Growth Officer. “We wanted beautiful spaces that would feel very welcoming and approachable.”
Integral to the store experience – and in support of customers’ discovery and education – Cannabist stores deploy technology that serves as a bridge across the retail ecosystem and enables a seamless shopping experience from anywhere. Even more, employees undergo extensive training so they’re able to support, consult and advise customers – not just sell.
The Cannabist store design and investment in its physical channel reflect consumers’ desire for personalized retail experiences that deliver trusted advice – and provides a powerful platform to meet their needs well into the future. “Since the company’s founding in 2013, we have been listening to and learning about the… customers and stakeholders we serve. Over and over again, the market has been searching for expertise and trust,” says Nicholas Vita, Columbia Care CEO.
Channon agrees, noting the future-facing role of their new retail brand. He says, “Cannabist is not only a reflection of where we are now, and all of the markets we serve, but it is also a commitment to where we are going. [We] can grow with an ever-changing industry… and serve as the platform for continuous innovation.”
As the financial industry faces a shifting post-Covid consumer landscape and reimagines the role of its physical branch networks, Cannabist and other examples like it can provide fresh insight and inspiration. To learn more about how your bank or credit union can deliver retail experiences that support more educational, consultative, and valuable relationships, email info@adrenalineagency.com.
Photo Credit: Cannabist
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Data You Can Use
The Story: Among the many changes wrought by the pandemic, one of the most notable is how it’s shifted consumer expectations and priorities across the board – including how people want to interact with their bank branch.
The Takeaway: As people have adapted to more digital methods of transacting, they’ve remained deeply connected to the physical experience of their financial institution at the same time – with most consumers still wanting to live within 15 minutes of a branch. Banks and credit unions have the opportunity to redesign and reimagine the branch experience – including their networks and their formats – to better meet consumers where they are and deliver on their need for advisory relationships while continuing to improve efficiency and unlock opportunities for growth.
Source: Accenture Banking on Empathy, April 2021
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Putting Community First in Banking
How ICBA’s Bank Locally campaign champions community financial institutions
April is Community Banking Month, a time to acknowledge all the ways community financial institutions provide the foundation for thriving local neighborhoods. A new campaign created by the Independent Community Bankers of America, Bank Locally provides the tools for community FIs to share their pride and spread the word about the vital role they play in supporting small business – and delivers direct ways small businesses can tap into community banking’s power and influence.
“The value of community banking was proven most recently with their outsized role in administering PPP loans to small businesses in response to COVID,” says Rob Birgfeld, EVP and CMO of ICBA. “Helping small businesses in such a unmistakable way helped put community banking on the map for many who may not have considered it as an option. Bank Locally builds on that momentum as a true B2B2C campaign, empowering community banks to tell their story directly to business consumers.”
The story community banks have to tell is both compelling and timely: they consistently make more than 60% of small-business loans and more than 80% of agricultural loans. They also contribute tax dollars that help maintain strong local municipalities and neighborhoods. With nearly 70% of consumers shifting their preferences toward local brands and with a full quarter of businesses planning to switch FIs this year, the Bank Locally campaign is perfectly timed to reach out at a moment when many businesses are making decisions about where their next financial relationship will be.
The campaign itself includes a marketing toolkit made available by ICBA – a flexible framework of marketing materials, tactics and ideas for all channels that community banks can leverage to celebrate their local role, especially in marketing to small business. And the website and Bank Locator tool allows small businesses to find and research community banks right in their own neighborhoods.
“There are well-known movements that celebrate the value of local: Eat Local, Shop Local – we all know them,” Birgfeld says. “What this campaign shines a light on is that community banking invests in the businesses and communities where their depositors work and live. Banking Locally makes eating locally and shopping locally possible – and vice versa. It’s the engine that makes ‘local’ run.”
To find out more about how your community financial institution can tap into the power of community building and smart marketing, email info@adrenalineagency.com.
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