Time: The New Currency

Since the late 1950s, the history of branch banking in America has been all about being in the midst of the population. No bank could survive without being accessible in a timely fashion. Convenience became one of the prime factors for locating a branch. The focus was to reduce the time it takes to get from point A to the branch. If it was by car, banks planned around the flow of traffic. If it was a pedestrian environment, banks planned the location along the path. This was all about convenience of doing business with the bank and to ensure that the customer did not have to go out of the way. If a bank was in the path, it made sense for a customer to bank there—it was about how to better save time.

Enter technology. Now, being in the path of customers meant being readily accessible in their hands. Most transactions are performed—not in person—but online and through mobile devices. Technology quickly became the ultimate time saver. This opened the question, ‘”Where do you locate now and what should the branch become?”

The best way to address this question is to change the framework of the question. Before it was about doing something for the customer they could not do on their own, now banking needs to refocus away from saving customers time to creating places where time is well spent. The only way to do this is by going beyond services that are tailored towards doing for the customer to creating things to do with the customer. Stage an engagement that is memorable and sharable that the customer does within the branch.

Here’s the idea. Take some ‘thing’ that is usually used at a bank and create some activity around that thing. This is called “Ing the Thing”, a principle in the Experience Economy. Take a normal action of a thing and create an engaging activity around it that people come to do or watch others do. Now, exaggerate the idea to make it a spectacle.

Look at the classic piggy bank. The piggy bank is a great ‘thing’ to ‘ing’. First, make it really oversized. Now, stage an activity around the oversized piggy bank that generates interest. Maybe it squeals when people put coins in it. It becomes a photo-worthy opportunity for your visitors and becomes a great fund-raiser. “The Piggy Bank That Is Saving….” Use whatever best applies. Saving—the action word—now takes on a new meaning and purpose.

 

Cracking the Safe.

Any object or thing can be a source of an experience if you take the action related to it and leverage it as the activity. Now the branch becomes a stage for an experience and a place to engage customers and make memories. Then you change from time well saved into time well spent.

 

Need help ‘Inging the Thing’ send me an email and let’s see what we can do together.

 

Signature Moments

Have you ever wondered if there was something more you could do to extend your brand or message? Well, there is.

One opportunity that is usually overlooked is at the point of when your customers are exiting your business. Add a signature moment that adds that little punch to the engagement. As a Visual Translator, I find that taking photos of attendees at the wall acting as if they are doing the work, is a great piece of memorabilia and a signature moment for them. It also gives me another chance to communicate my brand and my work through various channels the attendee wishes to use. It’s both branding and a signature moment.

Take a look at your business. When is there an opportunity to add that moment outside of the normal business transaction? Now fill it with something that is uniquely you.

Banking on the Experience Economy

Banking on the Experience Economy

Elevating the Value

Let’s face reality; banking is a service business. Banks provide customers with financial services and charge for doing what their customers cannot do for themselves. In today’s market, banking is faced with a wide and expanding range of competition that is forcing price to become the primary defining factor at best. Unfortunately, fighting on price creates no greater value for the business, only volume with decreased margins. If there is no real difference in the eyes of the customer, there is no loyalty. Moreover, the idea of great customer service is not a differentiator, it is what is expected.

In the Experience Economy, it is much more than efficiency or performance ratings of service delivery, it is about a personal customized offering to the individual and staging memorable engagements. It is a shift from doing for a customer to doing with a customer. This is a deliberate strategic change from ‘time well saved’ in the service economy to ‘time well spent’ in the experience economy. Moreover, that time well spent being engaged, should come at a premium price.

The question before us is this; can a service economy industry like banking be elevated to that of an experience stager? We believe the answer is a definitive yes given the desire for change exists.

 

 

Staging Experiences with Bank Customers

In the book “The Experience Economy” by B. Joseph Pine II and James H. Gilmore, the phrase “Work is theatre and every business a stage” is used to frame up the key idea that staff have roles to perform and that the environment becomes a stage for the performance. To achieve this idea, banks need to refocus away from merely delivering efficient service to staging engaging experiences with their customers. The environment must be aligned with the brand promise and support the bank’s culture. Banks need to avoid rehashing older delivery models or duplicating another bank’s design to create activity. The physical and digital place must be a manifestation of the bank’s brand and purpose.

 

Transforming the Culture

The hurdle for banking in the Experience Economy is that it requires an honest assessment of the culture across the whole of the organization. The evolution to an experience begins always with the strength of the people. No brand statement or great environment design can create a memorable engagement without the efforts and intention of the staff. This must happen at all levels and all channels of customer interaction. The more staff is engaged with the customer, the more memorable the experience.

 

3S Model: Satisfaction, Sacrifice and Surprise

One method to begin the journey to becoming an experience is applying the practice of the 3S model: Satisfaction, Sacrifice and Surprise.

  • Satisfaction: First, begin by finding ways to improve satisfaction for the customer. Find out what they like about the current interaction with the bank and expand those ideas. Improve on what is already being done and eliminate the customer’s dislike.
  • Sacrifice: Next, identify customer sacrifices and barriers between what the customer wants and what they must accept because of limitations, efficiencies or selection. Begin removing these sacrifices to enhance the interactions with the customer. Remember, it’s about what the customer really wants and not about being limited to selecting from a menu of what is only offered. One major method to removing sacrifice is by leveraging digital channels. As more and more functions and processes of banking become digital, the more customizable they become. The more customizable an experience/event can be, the more personalized it becomes and eventually, the more customer sacrifice is removed. Being digital means being customizable.
  • Surprise: Finally, add in a surprise during the interaction. Surprises can be random or planned. Take the idea of opening an account. Imagine allowing the customer to create their own unique banking package that fits their needs. Then, because options can be digital, this particular blend of service and features gets named after them and becomes a pre-designed package offering that others can choose. It also creates conversation for the customer with their connections and an experience they are willing to share.

For banking to evolve from the service economy to the experience economy, it will take deliberate action. It is a shift in thinking that is interactive and intentional. The experience economy is a very purposeful level of interaction and takes practice, performance and focus. Just imagine if Starbucks stopped being an experience and commoditized the experience by just serving preset coffee drinks. No more getting your order the way you want with the extra shot or soy versus milk. No more customization of ingredients so that it’s your personal latte and no one else’s. How fast would the value of Starbucks fall?

The key to being an experience stager is knowing that experience is unique to each customer, and the customer becomes the product in which the engagement is designed around. To become an experience, an organization must create a unique difference through the engagement, the purpose and deliberate staging of the engagement in order to create a memorable and valuable event in the mind of the customer. Creating memories through experiences creates increased value and revenue.

We are in the era of the experience economy, companies who do not adapt or evolve from goods or services will be replaced by companies who can stage experiences in order to add greater value to their offering.

 

 

Seeing the Future of SEL

I had a wonderful opportunity to capture the ideas and conversations of a growing movement in the educational world. SEL (Social Emotional Learning) is an empathetic approach to learning and is seeing a growing following. Here’s a look at the thinking of SEL.
wymansel-vt-01-web

Highlights from Miami

The “Art of Excellence” in Healthcare was a wonderful experience. Here are some highlights.

"Simplify Healthcare" Keynote
“Simplify Healthcare” Keynote
Rolf Speaks on Passion and Patients
Rolf Speaks on Passion and Patients
Focusing on Culture
Focusing on Culture
Avoiding Burnout in Healthcare
Avoiding Burnout in Healthcare

 

Sketchnoting Food Tours

On a trip to Miami for a conference, I had the great pleasure of participating in a wonderful experience. A large group of attendees were presented with the opportunity to take a walking tour of some of Miami’s authentic Cuban restaurants. Being the type of person who loves to experience great food and culture, I was game.

What I soon discovered was that our tour guide was more than just a guide, she was a passionate lover of the culinary world. She was not just giving us a tour but guiding us along a culinary experience unlike any other I have ever had. Up and down side streets to small little niche shops and restaurants we explored and discovered some of the most interesting people and culinary pleasures.

What made this a true experience was the passion Lisa from Miami Culinary Tours had about her world. She wanted each guest she lead to understand, experience and appreciate the culture, food and heritage behind the restaurant scene in Miami. She created moments of memories and embraced what it meant to stage experiences. With only a small amplified speaker and the streets of Miami, Lisa used all these locations as the stages for the experiences or food exploration. And the “Ing the Thing” was not eating, but devouring a culture through its food and drink, consume the Cuban heritage and digest the knowledge she shared.

Bravo!

food tour