“We see the branch as a critical part of our distribution network.”
— Neil McLaughlin, Vice President of Channel Strategy at RBC
RBC Bank is taking a fresh look at the bank branch experience with its new “Retail Store” concept, featuring interactive advice areas, touchscreen technology and more open space for customers. RBC has debuted the new branch prototype concept with locations in Ontario and Halifax, and another one coming in Toronto soon.
The 8,960 square foot location in Burlington uses a mix of progressive design, visual merchandising and digital interactivity including Microsoft Surface technology to create a unique, new retail experience for the venerated Canadian banking brand.
The objective was to change the RBC client experience from “banking” to “shopping” by transforming a traditional branch space into a retail environment.
The concept is described as a hybrid of best-in-class retail shopping and financial services, designed to “support customers’ life events.” Customers are able to select from a range of self-, assisted- and full-service options.
“We’re offering an approachable environment where clients can interact with our employees and our technology on their terms,” said Neil McLaughlin, RBC’s VP of channel strategy. “At the end of the day, our goal is to ensure our clients are equipped to make informed decisions to help meet their financial goals.”
RBC says it is the first Canadian financial institution to implement Microsoft Surface technology in its branches. Microsoft Surface units are a key part of the “Discovery Zone” in RBC’s store concept, with applications including:
- The Big Picture – Customers can explore ways RBC can help them meet their financial goals
- Drop a Coin – Users slide coins across the screen to display the value of regular investing and see how their money can grow over time
- Meet our Experts – Profiles of the local branch staff.
- Instant Win – Customers can drop a traditional direct-mail letter on the Surface screen to see if they have won a prize
- Kids Corner – Offers a fun, interactive puzzle for children to explore while their parents do their banking
The store’s exterior uses of scale, texture, and glazing to project a progressive, customer-friendly retail experience. Architects also incorporated traditional elements to convey RBC’s Canadian heritage and position the bank as a trusted authority.
To create an inviting atmosphere, RBC chose warm tones, contrasting wood details, soft/curved features on fixtures, and oversized crown moldings and baseboards. The store’s floor is finished in the shape of a ribbon that winds through every zone in the space.
ATMs have been placed deeper into the retail area to expose self-serve clients to the new environment and exciting interactive zones. Private meeting rooms and semi-private meeting spaces have been made more open and accessible, allowing for impromptu meetings.
Driving traffic to branches can be a challenge. For RBC, part of the solution called for a more transparent and inviting store exterior, inviting the public to come in and explore the interactive and modern-looking space.
“We see the branch as a critical part of our distribution network,” RBC’s McLaughlin told Bank Systems & Technology.
“We are evolving our branch network into a best-in-class retail store and advice centre designed to meet our clients’ needs by creating a personalized banking experience that is informative, friendly and accessible,” McLaughlin said.
RBC has the largest branch and ATM network in Canada, with over 1,200 branches, 17 per cent more than the next financial institution, and 4,227 ATMs across the country.
RBC – RETAIL STORE DOCUMENTARY
A short video on the development of RBC’s new store concept.