Key trends transforming the retail banking landscape

Banking Industry CIO Insights | Wednesday, August 17, 2022

Implementing advanced technologies such as secure cloud storage and file backups has enabled retail banks to significantly reduce paper files.

FREMONT, Calif.: The retail banking industry is changing. There is, in fact, a tendency for savvier organizations to deliberately downsize. With this opportunity, banks are giving consumers a better banking experience by giving them more of what they want. The cornerstone of their strategies, they attach great importance to design, architecture and interiors.

Hospitality Influences

It’s natural for customers to expect to feel welcome when they walk into a bank. They seem to enter a hotel lobby or a restaurant, almost as if they were entering a hotel. It’s the type of open floor plan that guests expect, no matter what setting they’re in, no matter what type of property they own. Influences from the hospitality industry and even the residential industry are expected to provide guests with great hospitality, adding plush, comfortable seating and dedicated space for snacks and drinks.

An enriched experience for customers

Retail banks are downsizing due to the economic downturn. Cloud storage, secure transactions and digital services have a vast obsolete area. During the pandemic, conversations about zoning have intensified, making it easier to implement drive-thru. Inside, it’s all about connectivity and a great consumer experience. Instead of solid dividers that divide spaces into discrete sections, Banks are designing more open spaces that connect to outdoor patios.

Green retail banking

The importance of sustainability throughout the sector is a crucial factor. More and more consumers are demanding corporate sustainability because they prefer to do business with organizations that are committed to it. From an operational efficiency perspective, it also makes a lot of sense to take this approach. It has significantly reduced the number of stored paper files with secure cloud storage and file backups. This means that the organization’s physical footprint and carbon footprint will be smaller.