Re-Imagining Your Business in 2020
Re-Imagining Your Business in 2020
There are banks in the United States who have recently re-imagined the way they do business. Capital One Bank have decided to build on what ING Direct rolled out a few years ago – increasing the number of established cafes where customers can have their banking and finance questions answered in a casual atmosphere representing something more like a digital co-working space than a bank.
Their vision behind this is simple:
“It’s about building new customer relationships and retaining existing ones…. “Our goal as a company is to reimagine banking in a different way.” - Antonio Wilson, Capital One’s Chicago Café Coach (note even his job title is re-imagined!)
It got me to thinking about how flexible we are around re-imagining our businesses in line with this new trend of customer-centric approaches.
With this new model of customer service, the bank has considered a major pain point that many people experience when visiting a financial institution – stress and worry around financial conversations.
In addition to providing a comfortable atmosphere to connect with the bank, they have realised the need to build human connection to better sell services. The cafes provide a place of community where the bank can connect regularly with potential and existing customers and build trust prior to any financial conversation being broached.
Knowing Your Customers To Build A Better Business
One can only speculate what lead to the change in how this bank does business, but it brings to the forefront the upmost importance that is at the basis of a strategic planning process that we do with all of our new clients… understanding in absolute detail what they actually want from you.
But it goes beyond that. It is also understanding what is going to satisfy some of the unmet, unknown desires or frustrations that lay beneath the surface that will allow you to differentiate yourself from your competitors and surprise or delight your clients.
It is also about looking to the future of business within your industry, rather than sticking your head in the sand hoping that everything will go on as it has.
The tendency is to stick to business as usual, sticking in your own lane, delivering similar services as everyone else. Just trying to do your deliver your services a little better will not cut it in the future. Without human-centricity you will become irrelevant. The digital age has brought more accessible services but a common complaint across many industries is ‘I just want to talk to a real person…’
I challenge you as this year comes to an end and a new decade begins…
How much time have you spent considering the future of your business and the big shift in customer experiences?
How you can pivot your business towards a futuristic model that will set a new precedent in your industry?
How are you delivering your services in a way that is building the human connection?
I’d love to hear your thoughts. Shoot me an email to [email protected] if you are keen to join in the conversation.
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