bankingciooutlook

Key Trends Transforming the Retail Banking Landscape

Banking CIO Outlook | Wednesday, August 17, 2022

Advanced technological implementation such as secure cloud storage and file backups has enabled retail banking to reduce paper files significantly.

FREMONT, CA: The retail banking sector is undergoing rapid change. There is, in fact, a trend of savvier organizations downsizing on purpose. With this opportunity, the banks are giving consumers a better banking experience by giving them more of what they want. As a cornerstone to their strategies, they place significant importance on design, architecture, and interiors.

Hospitality Influences

It is natural for customers to expect that they will feel welcome when they walk into a bank. They seem to be entering a hotel lobby or a restaurant, almost as though they were entering a hotel. It is the type of open floor plan that customers have come to expect no matter what setting they are in, no matter what kind of property they own. Influences from the hospitality sector and even the residential industry should provide customers with great hospitality, adding soft, comfortable seating and a dedicated area for snacking and drinking.

An enhanced experience for customers

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

Green retail banking

The importance of sustainability across the entire sector has a crucial factor. More and more consumers are demanding corporate sustainability, as they prefer to do business with organizations that are committed to it. From the point of view of operational efficiency, it also makes a lot of sense to take this approach. It has made it possible to significantly reduce the number of paper files stored due to secure cloud storage and file backups. It means that both the physical footprint and the carbon footprint of the organization will be smaller.

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