Almost all financiers say that the future lies in data, figures and electronics. But to get people to come to the bank, you need to offer more than just favorable interest rates on deposits. A bank office should be made comfortable, attractive and unobtrusive.
There will always be that inexplicable magic of the art of design. Talent that will turn a boring place where grandmothers come for their pensions or robbers for cash into a promenade spot for millennials.
Modern world bank branding is an intoxicating blend of design with data.
Designers are no longer forced to make decisions based on hunches alone. Together with marketers, they can easily gather data on every aspect of customer behavior, likes and dislikes, likelihood of purchase or other manipulation. Then use that data in the creative process of building unique brands that have the makings of success.
Yet, when all of these “unknowns” are known to designers, why are banks still struggling to get to market with white walls, peeling sofas, scuffed tiles near the cash register and printouts of financial offerings? The problem is how to interpret the available information.
Retail branding of banks: how to do it right?
Millennials don’t find traditional banks very appealing. In fact, the vast majority of Millennials (71% according to social media data) would rather visit a dentist than a bank. So it’s no surprise that new apps and online services have become so popular so quickly. But that doesn’t mean traditional institutions should just throw in the towel on the ring.
Read also: Creativity vs common sense: how to create a UTP that will work.
Develop a brand of banks: how to attract customers
The central bank, or bank of banks, is in charge of issuing and monetary policy of the whole state. It coordinates the life of the entire banking system of the country. The bank stores the gold and foreign currency reserve, which does not need branding yet. But the website of the National Bank needs serious branding, as the design is outdated and the interface is inconvenient.
A commercial bank is the apex of the banking system, which is directly involved in servicing individuals and legal entities. The bank needs customers, because it makes money from them.
We will talk about the design and branding of the bank network as a way to attract consumers using examples further on in the article. In the meantime, KOLORO specialists, having searched the Internet and conducted a survey among employees and random passers-by, have compiled a list of options that attract customers.
- Fast money transfers.
Many people have faced the problem of transferring money, for example, from card to card or from personal account to card, but the money comes within a few hours, if not days. Not so long ago and such a thing was impossible. And today new payment systems are constantly appearing: Freesend from Bank Credit Dnipro, Welsend from Ukrgasbank, PrivateMoney from Privat Bank, Grosci Bliskavkoyu from KredoBank, Za mit from Ukrsibbank and many others.
- Cardless payment using your phone.
You can pay with a smartphone and downloaded Android Pay application in 14 countries. Since November 1 this year, Ukraine is the fifteenth. In this case, Google played ahead of the curve: Alfa Bank announced the launch of a similar system from Apple for 2018. Such payment systems are much safer than a card: all data is encrypted. According to forecasts, by 2022, the global mobile payment market will reach $3.4 trillion.
- Intelligent budgeting and personal finance management.
Traditionally, banks were among the first places people considered for managing their wealth and investments. Today, you can do everything online: open a deposit, check your account, print a statement.
- Digital currencies that don’t require central banks.
Bitcoin, a cryptocurrency or digital currency uses advanced encryption to regulate units of value and transfer funds without the need for a central bank.
While the pace of innovation is unlikely to slow down anytime soon, retail banks are not defenseless against the threat of losing customers (or potential customers). As with other retailers, the role of bank branches is diminishing as online interactions and consumer technologies (from ATMs to mobile apps) play an increasing role in day-to-day banking.
The only way to mitigate this risk is to focus on what matters most: the customer. The more banks understand the motivations and expectations of their customer base, the easier it will be to calibrate business strategies to remain competitive for decades to come.
Read also: Delivery service retail branding: how to make customers trust you.
Bank design: attracting with color and more
Why is PrivatBank green and Alfabank red? Each color in the world of marketing pursues certain goals. The influence of color on a person is explained by psychology. That is why the development of an identity for banks is an important visual element of retail branding.
But bank branding is not just about the visual elements of the institution. A brandbook for a bank is a bible that describes the specifics of using the elements of the identity. The corporate identity of banks largely affects the perception of the institution by customers. Corporate identity can also include the corporate uniforms of employees, their model of behavior and communication with customers.
Successful retail design improves traffic for banks and credit unions in the financial services sector. Through design and digital branding strategies, professionals strive to plan industry-specific formats and animate as many aspects of financial services as possible, making a format that presents the brand in a positive light and can increase brand awareness and sales.
Read also: Retail branding of retail chains: minimarket design
Bank branding trends: come, see, borrow
From the moment customers walk through the front door, they are greeted with a full range of digital banking services, including Wi-Fi, next-generation smart ATMs, transfers and other financial services.
In recent years, many banks have used cost-saving technologies to develop new design concepts that reduce the share of employment in the industry without regard to the impact on other important functions. For example, a highly functional smart ATM can replace a clerk. But what about counseling that significantly increases product sales at the branch? It is also worth considering that many people of the older generation find it difficult to use new technologies, and not everyone has smartphones with internet access. Also, some people are auditory learners, i.e. they perceive information better when it is spoken.
To succeed, banks must, of course, utilize all design techniques and the potential of technology to make customers’ lives more convenient and easy . But the following factors should also be considered.
- A physical location is an opportunity to be visible and attract customers.
- Customer-centric strategies and customized strategies that complement technology offerings provide opportunities to create customer connections across multiple channels.
- To increase trust in online tools and the banks themselves, transparency needs to be increased and, wherever possible, ease of use.
- Banks can use the physical environment to build trust in their brand.
- A variety of interactive spaces allow customers to choose the terms that are most convenient for them and remove barriers between bank and customer.
- Use technology wisely and, if possible, integrate it with personal perception and contact.
- Use personal interaction to build relationships. Use familiar, natural design elements to make customers feel more comfortable and at ease when they enter the bank and sit down to discuss personal information.
Read also: 10 retail trends you can’t ignore
Retail branding innovations and most successful examples
Branding in the financial services network is not only the development of an original logo and an interesting financial offer. It is a broader concept that includes company policy, marketing and advertising strategy. Rebranding in banking services is an opportunity to start financial activities practically from scratch. For example, rebranding of Nadra contributed to doubling sales of financial products. The goal was achieved – sales increased, but this did not save the bank.
Oschadbank
In terms of total assets, Oschadbank ranks second (UAH 220.723 billion) among 88 banks in the country. The desire to be more modern, to forget about the dark Soviet past and (after 24 years of independence) to start a bright Ukrainian future. Brand development for the bank began with the creation of a Manifesto with a step-by-step explanation of the course of changes. The innovations touched upon:
- product naming;
- logo redesign;
- new corporate colors;
- the design of a line of plastic cards;
- POS material design;
- for a documentary-style ad campaign.
Rebranding “Oschadbank” awarded The Red Dot Design Award – one of the most prestigious awards in the world of design And also according to the results of 9 months of 2017, the bank increased net profit by 9.3% – to 448.757 million UAH.
Volksbank
The Volksbank in Hochlenburg, Germany, is tucked away in a nook between a gymnasium and a beverage market. Spread around the center, the bank’s counselor rooms feature padded walls and fluffy carpets that provide pleasant acoustics. Clients are invited to sit on padded benches. Mirrored cabinets add depth and light to rooms that are actually small and modest. Transparent doors speak of the bank’s openness.
Capital One
Capital One at Union Square in New York City is a three-story building that combines a bank, a staff training facility, and public spaces. The entry level is fully open to the public and anchored by Peet’s Coffee.
The second floor houses checkout counters, private counseling areas and offices. Everywhere there are designs related to the brand message.
The LED wall that frames the ATMs on the first floor extends to the second level, where it exits the building as a tent and polychromatic digital screen. The use of wood throughout the space represents the connection between the flagship and the Capital One branches.
Studio B Innovation Lab
Studio B has an innovation lab dedicated to creating new ways of thinking about life and money. Studio B has created a space that is shaped to change the relationship between people and money, and it takes a truly universal approach that connects experiences in physical and digital spaces. A lab focused on listening to clients, engaging them in the process of developing a new way of banking that will have an immediate impact. Adam Storey, creative director of Four to Two, which developed the design, says: “Studio B breaks down all the characteristics that have become synonymous with banking and hits the mark by matching the needs of the clients.”
Sparebank 1
Sparebank 1 is an intimate, modern bank branch with a natural Scandinavian feel. The design of the bank room emphasizes nature to improve the bank’s contact with its customers. A photograph of the archipelago surrounding the bank covers all the wall cabinets at the end of the first floor. A modern oak forest with mini houses shows the offerings and also creates an informal atmosphere. The growing roots on the walls are a symbol that the bank has a long history of which it is proud.
We see the bank of the future as a place focused on customers, not just their money. It is a combination of convenience and comfort. Contact KOLORO – we know how to become number one.
