Financial institutions break free of tradition to reach younger consumers
Implications - Changing the way that traditional finance is perceived, modern banks are changing the game by adapting their physical store settings to be more in tune with the needs and lifestyle habits of younger consumers. Pulling inspiration from open concept offices, mobile-friendly retail spaces and even incorporating events on-site, banks are tapping into aesthetics and lifestyle needs that are much more approachable to younger clientele like Millennials. This shift away from tradition speaks to the growing need to not only attract diversified consumers, but also a need to redefine how legacy or long-standing brands are perceived.
Workshop Question - If you were to completely revamp your business from the ground up what would that look like? What would you change?
Trend Themes
1. Modernized Retail Spaces - Financial institutions are updating their physical store settings to be more in tune with the needs and lifestyle habits of younger consumers, pulling inspiration from open concept offices, and mobile-friendly retail spaces.
2. Flexible Bank Designs - Banks are embracing an open-concept design with flexible elements, allowing interior components to be easily moved as needed to suit the ever-changing needs of the space.
3. Contemporary Bank Re-designs - Banks are changing the public's perception of facilities by appearing more homey, comfortable and approachable with an open concept design that's equipped with mini offices.
Industry Implications
1. Banking - Modernized retail spaces, flexible bank designs, and contemporary bank re-designs are disrupting the traditional banking experience.
2. Interior Design - Modernized retail spaces, flexible bank designs, and contemporary bank re-designs are leading the way for innovative interior design concepts.
3. Customer Service - Modernized retail spaces, flexible bank designs, and contemporary bank re-designs are improving customer service experiences and interactions.
