Believe in Banking Podcast

In this episode, Sean and Gina discuss what’s on the minds of banking and credit union leaders as they face the headwinds that are still present after a year and a half of pandemic life. With the need for profitability and fintech nipping at community banking’s heels, how to continue to serve customers and meet expectations often means new partnerships. Whether it’s a fintech collaboration like the one that delivered Chime to the marketplace or a financial wellness pairing, like Regina King and Wells Fargo teaming up to help serve the underbanked, when banks and credit unions look at new and novel ways to meet the people at the point of need, banking builds on the trusting relationship financial institutions have with their customers and communities.

Ask An Expert

Sean Keathley discusses how to create connections through branch conversions

After a COVID slowdown in banking mergers and acquisitions, we’re now in the midst of a predicted a resurgence of M&A activity in 2021. But it's once the deal is done, that the real work begins. In this Ask an Expert, Sean Keathley discusses converting branches to the new post-merger brand. With the exterior of the branch as your beacon and the interior as your experience, branch conversion is a rich opportunity to drive acquisition, deepen customer connections, and solidify and grow relationships. Learn the principles and practices in branch conversion that help banks master all the complexity.

We believe that banking can help us overcome this crisis and emerge stronger for it.

Customer viewing products in Target brand merger with Ulta
Insights

Retail Brands Center Customer Experiences with New Formats, New Partnerships

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For Financial Institutions, Technology Spend Equals Long-Term Solvency

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Outside View

Customer viewing products in Target brand merger with Ulta

From collaborations to in-store pop-ups, how brands like Target and Macy’s are calling consumers home for the holidays

A renewed focus on driving positive customer experiences post-COVID has many of the top retail brands creating new in-store experiences and expanding omnichannel options for shoppers, just ahead of the crucial holiday shopping season. Complicating matters further this fall, the supply chain crunch is expected to put even more pressure on retail brands. An astonishing “64% of retail executives surveyed by Deloitte voiced concern over packages arriving for the holidays” according to Business Insider’s article on the holiday shopping season. Expecting even more in-store traffic, retail brands are ready to deliver and delight.

Target’s CMO Cara Sylvester says creating meaningful customer experiences is part of the brand’s DNA: “Our story is evolving to reflect what our guests expect from Target in this new world, including a deeper connection to what matters most to them.” This mission includes smaller store formats and shop-in-shops, like those coming from partnerships with Apple and Ulta Beauty. “If it’s a great experience in which people find what they want and get good service, they’ll likely go back even if they continue shopping online for certain items,” according to Steve Sandove, senior advisor at Mastercard, spotlighted by PYMTs.

Also getting in on smaller formats, Macy’s subsidiary Bloomingdale’s is leveraging its curated Bloomie’s store in Fairfax, Virginia to “deliver everything [shoppers] love about Bloomingdale’s in a highly edited, convenient, and unexpected way,” according to Bloomingdale’s CEO Tony Spring. This 20,000-square-foot curated store also serves as a trend spotter for larger stores and sets the stage for more customer-centric experiences. Not to be outdone in the new format game, Walmart-owned online outdoor retailer Moosejaw is opening its new 6,000 foot store in Bentonville, Arkansas, where its parent company, is headquartered.

Expanding options for consumers is critical as the economy rebounds and foot traffic at retail locations remains relevant, especially among younger generations – this holiday season and beyond. New formats empower all brands to test and learn and provide consumer experiences at the point of need. For more information on ways financial brands can make the most of retail banking formats and leverage location for more connection and growth, stay tuned to Believe in Banking as it tracks the big trends impacting financial services or contact us at info@adrenalineagency.com.

Photo Credit: Target, July 21, 2021

From collaborations to in-store pop-ups, how brands like Target and Macy’s are calling consumers home for the holidays

A renewed focus on driving positive customer experiences post-COVID has many of the top retail brands creating new in-store experiences and expanding omnichannel options for shoppers, just ahead of the crucial holiday shopping season. Complicating matters further this fall, the supply chain crunch is expected to put even more pressure on retail brands. An astonishing “64% of retail executives surveyed by Deloitte voiced concern over packages arriving for the holidays” according to Business Insider’s article on the holiday shopping season. Expecting even more in-store traffic, retail brands are ready to deliver and delight.

Target’s CMO Cara Sylvester says creating meaningful customer experiences is part of the brand’s DNA: “Our story is evolving to reflect what our guests expect from Target in this new world, including a deeper connection to what matters most to them.” This mission includes smaller store formats and shop-in-shops, like those coming from partnerships with Apple and Ulta Beauty. “If it’s a great experience in which people find what they want and get good service, they’ll likely go back even if they continue shopping online for certain items,” according to Steve Sandove, senior advisor at Mastercard, spotlighted by PYMTs.

Also getting in on smaller formats, Macy’s subsidiary Bloomingdale’s is leveraging its curated Bloomie’s store in Fairfax, Virginia to “deliver everything [shoppers] love about Bloomingdale’s in a highly edited, convenient, and unexpected way,” according to Bloomingdale’s CEO Tony Spring. This 20,000-square-foot curated store also serves as a trend spotter for larger stores and sets the stage for more customer-centric experiences. Not to be outdone in the new format game, Walmart-owned online outdoor retailer Moosejaw is opening its new 6,000 foot store in Bentonville, Arkansas, where its parent company, is headquartered.

Expanding options for consumers is critical as the economy rebounds and foot traffic at retail locations remains relevant, especially among younger generations – this holiday season and beyond. New formats empower all brands to test and learn and provide consumer experiences at the point of need. For more information on ways financial brands can make the most of retail banking formats and leverage location for more connection and growth, stay tuned to Believe in Banking as it tracks the big trends impacting financial services or contact us at info@adrenalineagency.com.

Photo Credit: Target, July 21, 2021

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0 %*
*Percentage of households facing difficulty saving because of unexpected expenses
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The Story: Even before the pandemic, the average American struggled to overcome unforeseen and unplanned for expenses like “car repairs, medical bills or even a broken phone,” according to the Consumer Financial Protection Bureau. The economic impact of COVID-19 has made saving even more difficult for hard-hit families, resulting in a pressing need for financial tools and support.

The Takeaway: Banks and credit unions are not only expected to acknowledge these global pain points; consumers want action from their primary FIs. Financial literacy programs are critical in supporting consumers through their financial challenges. And banks like Wells Fargo are not only taking notice, they are stepping up to the plate with localized resources for communities that foster goodwill and trust so necessary in forging lifelong customer relationships.

Source: Consumer Financial Protection Bureau, September, 2021

Sharing Successes

Regina King in new Wells Fargo commercial

Regina King Partners with Wells Fargo to Advance Financial Literacy and Economic Opportunity

A new partnership between Wells Fargo and Oscar-winner Regina King is shining a spotlight on financial wellness and the needs of the underserved. Not simply a celebrity promotion, the collaboration provides support to advance the economic well-being of Black communities. “As a mom and born and raised in LA, I’m especially attracted to causes that identify youth’s potential and encourage financial health and equitable exposure to professional careers,” according to a press announcement. A supporter of the youth development program Kollab, Wells Fargo has committed an additional $1 million of support to encourage more participation.

The issue of financial awareness hits close to home for Regina King. “As a product of LA Unified School District, I’m aware of the lack of resources Black kids in the public school system don’t have provided at an early age,” says King. “It’s really incredible I get to be a part of changing that.” Her money-mindedness came primarily from her mother who imparted the importance of saving over spending – something she now gets to influence with her affiliation with the bank. Even the commercial side of the partnership is focused on smart saving, with a cashcard that puts money back into its users’ pockets.

Forging relationships with organizations that share the same mission is key to a partnership’s success. “Regina King is an Oscar-winning actress and a powerhouse director, but she’s also a real person who is quite relatable,” according to creators of Wells Fargo’s new advertising campaign. “She was the perfect fit and we were thrilled when she agreed to share her stories.” Through her connection and commitment to the community, the campaign and collaboration help support Wells Fargo as they authentically show up and live out their purpose. For more information on powerful partnerships, stay tuned to Believe in Banking as it tracks the big trends in financial services or contact us at info@adrenalineagency.com.

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Do you need short-term help reopening your branches? Find out about post-COVID branch readiness solutions that can help, or email covidready@adrenalineagency.com.

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