Less than 10 mins
Reimagining Financial Spaces In A Digital Age
The rise of digital banking has left many financial institutions questioning the value of their physical branch networks. Are these spaces destined for obsolescence in a digital-first world? Jon Blakeney, Group Partner & CEO of I-AM, offered a compelling counter-narrative at the recent Qorus Reinvent Forum in Bangkok. Participating in a panel discussion on building strong customer relationships, Jon argued that physical branches, far from relics of the past, can evolve into vibrant hubs of community engagement and personalised financial guidance.
Jon's presentation, "The Future of Finance Spaces," challenged the conventional view of branches as mere transaction centres. He asserted that a "life-led" strategy, deeply integrated with the local community's needs, is key to revitalising these spaces and answering the challenges faced by today's customers. Instead of focusing on pushing products, branches should focus on enriching lives.
He outlined three key ideas for reimagining the purpose of branch networks:
1. Knowledge Banks: Jon emphasised the importance of humanising branches by prioritising knowledgeable staff over an over-reliance on automated machines. He envisions branches as financial literacy and guidance centres, where customers can access expert advice and personalised support. He cited Bank Danamon in Indonesia as a prime example. By focusing on knowledge sharing and personalised service, Bank Danamon saw a remarkable 43% increase in sales performance from its new, redesigned sites.
2. Health & Wealth Centres: Drawing parallels with the shift towards holistic wellness in healthcare, Jon proposed creating "Health & Wealth Centres" within branches. These welcoming environments would allow customers to discuss major life decisions – from buying a home to planning for retirement – in a comfortable and supportive setting. He showcased B Works as an inspiration, highlighting its focus on providing co-working spaces, social media studios, and event areas for entrepreneurs. This model demonstrates how branches can foster community and empower customers beyond traditional banking services.
3. Pillars of the Community: Jon suggested that banks, building societies, and cooperatives could rediscover their roots as vital community focal points. He pointed to Ismekan in Türkiye as a successful example of this approach. By incorporating a bookstore, pop-up shops, event spaces, meeting rooms, a coffee shop, and a co-working area, Ismekan has transformed a traditional bank branch into a bustling community hub. An accompanying app allows customers to easily book events and access resources, further integrating the physical space with the digital world.
Jon concluded his presentation by emphasising that the future of finance spaces is bright, provided institutions embrace a life-led approach. By creating vibrant, people-centric spaces that play a vital role in their communities, banks can ensure their branches remain relevant and valuable in the digital age. The key takeaway: the future of banking isn't about eliminating physical spaces, but about reimagining them as hubs for connection, knowledge, and community.
Contact us to request the full presentation at hello@i-amonline.com
