Case Study: North American Banks

Goals

To provide North American banks and/or credit unions that are prioritizing face to face interactions with customers in order to evaluate the information for a new business.

Early Findings

Capital One

  • Capital One Financial Corporation, headquartered in Washington, is a banking company that majorly focuses on deposit origin, consumer lending, and commercial banking.
  • The company launched Capital One 360 Cafés to connect and interact personally with customers more by reinventing the experience of a traditional bank branch.
  • Capital One 360 Cafés are designed for face-to-face interactions where people can drink coffee, meet friends, eat, have business meetings, or get questions answered related to personal finance and business finance.
  • The cafes have free Wifi, meeting rooms that can be reserved by anyone, power outlets, tables, chairs, and lounges for everyone. These outlets also have video-teller ATMs for everyone.
  • Antonio Wilson, the Capital One’s Chicago Café Coach, says that the goal of these cafes is to build new connections with prospect customers and deeper interactions with the existing ones.
  • Capital One aims to re-image the banking experience and encourage more human connections because the company knows that people would still want to talk to a person when it comes to banking needs.
  • The banking company has partnered with Peet’s Coffee, a coffee chain in the US, to serve espresso and other beverages. Further, Capital One cardholders get a 50% discount on their drinks in these cafes.
  • Mike Friedman, Capital One's marketing lead says, "the cafes are a unique opportunity to present a physical manifestation of our brand and take this as an opportunity to connect with customers on their terms."
  • The company's website can be accessed here.

Proposed next steps:

You need to be the project owner to select a next step.
Since we have provided one case study of a North American bank, we recommend finding additional 1-2 more banks that are prioritizing face-to-face interactions with its customers. For each bank/credit union found, we will provide the name, the website link, what they are doing for face-to-face interactions, and any success data.
Additionally, we recommend identifying 3-5 future trends in the North American retail banking industry. For each identified trend, we'll provide what is the trend, why is it a trend, and how it will impact the banking industry.