One of the exciting aspects of in-store banking is the teaming of two institutions for the benefit of both. A powerful synergy is created when both the financial institution and the retailer are committed to attracting, serving, and retaining customers and market share. The power of a win/win working relationship should never be underestimated.
A primary reason for operating an In-Store Branch is to capitalize on the many opportunities to market and sell your institution’s products and services to customers of the retail store. The In-Store Branch’s ability to successfully begin and build relationships with these customers determines the success of the In-Store Branch. It is clear that the financial institution draws a tremendous advantage from the built in customer base of the store.
The retailer also derives benefits. A full-service In-Store Branch is a competitive advantage. In the store’s quest to be more things to more people, having a financial institution in the store is a vital element. Also, when a shopper becomes a customer of the financial institution, the retailer knows both institutions have a more loyal customer. They know that customers will be back to handle their financial business and, in turn, shop their store as well.
You Want Goals?
Two simple and important goals of the In-Store Branch are:
- Goal 1: To turn retail store shoppers into customers of the financial institution.
- Goal 2: To help the retailer attract more customers.
