I hadn’t read the beneficial branch post..why do I feel like I’ve stepped in something now? But, yes, something like that but online and only available from within a branch’s WIFI service.

One reason you would offer it inside the branch rather than on the Internet is because you could not offer it online. There are thousands of books and many magazines and journals you can’t read online due to various copyright restrictions. That’s why starbucks is offering complete access to the Wallstreet Journal inside their stores. Why not offer that type of content for free inside the branch?

The point you make about immediate and measurable ROI is a good one. Any attempt to estimate an ROI for something like this would probably just be a wild guess.

I’m all for cafes and coffee shops adding free/unlimited wifi for its patrons. But I get nervous when I hear anything about banking and technology! Especially easily exploited technologies (what tech isn’t easily exploitable with the right tools and motivation?).

Free wifi for banks?

Can you say, “I’d like to close my account please…”?

Sam Title
Chief Executive Cofficer
@TheCoffice

If a financial institution is willing to invest in building a proprietary library of content and materials (which isn’t a bad idea in itself), would offering it exclusively within branches yield the biggest, best return for the time, energy and money spent developing it? I’m skeptical.

With respect to the business case, if the goal is to get people “purchasing more/different products,” then there are literally hundreds of other strategies to accomplish this, and most have a concrete and immediate ROI vs. an indirect soft-sell. There are many things financial institutions could and should be doing that they aren’t. This list here is an excellent starting point.

I think banks and credit unions would want people to spend more time at branches so there is more opportunity to consult with them and about purchasing more/different products. Most of the banks that I have dealt with are constantly trying to turn routine service interactions into sales opportunities. Obviously I am not going spend extra time at a branch if I know they will be hard selling me while I am there.

But, if part of their exclusive content delivery mechanism included a way to get answers about how the exclusive content applies to my finances, I just might take advantage of that. In fact, I might be willing to talk to the Banker who is sitting a few feet away. Then my visit could be turned into a sales opportunity.

Coffee shops like Starbucks are in an “experience” industry. When it comes to food service businesses, things like atmosphere, ambiance, presentation and even the patrons themselves blend in to a form of retail theater. Any restaurateur who considers their establishment more than a fuel stop is in the “experience” business. Starbucks is a café, and much like pubs, cafés are natural places for people to congregate. Banks are not.

Just because banks and credit unions can do things to get people to linger longer in branches doesn’t mean they should. Why should they? How does the strategy lead to more business? Does the cost of developing and maintaining “hangout branches” overshadow whatever positive lift they might create for the brand?

What is the strategy/business case for turning branches into “experience destinations?”

One of those ideas mentioned in the post on Bank Innovation is offering exclusive content over a free Wifi network. Starbucks seems to think that their exclusive wifi content will be the real draw for customers (outside of the coffee of course).

Given the right location, mixing exclusive content with more comfortable spaces (touchdown spaces?) could lead to people visiting the branch even if they have no pressing need to do so.

I agree that we should stop force-fitting the coffee lounge concept, but lets’ keep the conversation open to improving the relevance of banks for consumers.