Barclays leverages Microsoft Surface to create new store concept

Comment

Comment by Simon on January 13, 2009 at 4:41am

I can see exactly what Victoria is saying - new technology often requires going through a learning curve. The great thing about the surface table is it's all about collaboration. So one of the members of staff could do most of the work, and let the customers play with some of the results on order to arrive at the solution they need.

Obviously any project would require research and testing to ensure the right product is design at the end (not just something I think is cool). But I do think someone will steal the march on this type of thing and leave everyone else going..."why didn't I think of that?"

Comment by JJ Hornblass on January 9, 2009 at 8:41am

Do people still use branches? Will they?

The Surface software is great, but in general branches seem to be evolving into local billboards that house ATMs and happen to have a few staffers milling around to hand out candy around Christmas. Certainly, Surface has many applications, and while I am not greatly familiar with it, Simon's suggestion that it be used to explain complex financial products makes sense.

The future of the branch, however, does not. Townes is right that the retail banking lines in the UK have grown fuzzy. They will increasingly fuzzy here in the US (which is why we gave PNC and US Bancorp BankInnovation Awards this year for their in-store branch strategies; at least they are heading in the right direction).

Comment by Victoria Fierson on January 9, 2009 at 8:39am

Simon,

I'm sure the tour of that branch was absolutely amazing, sounds like it was. The concept of the new surface tables can definitely bring a helpful dynamic to customer banking needs. Especially as you mentioned providing information on new and complex products. From your experience with using the tables ( I know you mentioned you had one in your office). Do you see any downsides for banks adopting such technologies? Do you think customers (especially elder and maybe more premier?) will have difficulty operate such advanced technology?

Comment by Simon on January 9, 2009 at 4:42am

I was shown around the store last year. It's certainly impressive, much more open and friendly than a traditional branch, whilst still maintaining a safe corporate feeling. We were taken up to Premier banking (on the upper floor obviously) to play on the new surface tables. (I'm very familiar with this technology, we have one in the office, and develop software for the platform).

I love the fact they have introduced new ways of interacting with digital content. The surface tables currently allow premium customers to access content, some images and videos from Barclays corporate image library. I do feel this is only the beginning for this type of technology. The table would be a great way to visually explain complex banking products. With the multi-touch surface technology the customer could collaborate with the consultant to decide on the best product, rather than being shown the best product for them. Much more friendly, actually useful and inline with the new feel of the branch!

For more information visit our Surface page

Comment by Jeff Stephens on December 30, 2008 at 5:34pm

Thank you both for your thoughtful comments and ideas--this group is already off to a great start!

In reading this discussion, it reminded me of a recent post I read at The Financial Brand blog. I left a comment (possibly a little too aggressive, I admit) because it got me fired up about many of the same points you guys are discussing about the gee-whiz gratuitous branch bling that the bank implemented just because it could....not because it should.

Comment by Victoria Fierson on December 30, 2008 at 10:37am

I agree with you, Townes. The most successful banks in my opinion, will be those that offer a balance between the customer/banker relationship and innovation. Touch screen banking capabilities and sipping on an espresso while banking sounds great, but as we all know, no system comes without flaws. I like the fact that I can walk into my bank and go into an office where my banker knows my first name. The new technology innovations appear to be attempts to find that balance.

Comment by Townes Coates on December 30, 2008 at 10:19am

As discussed in another context (a new UK bank launch partnership with the founder of New Jersey-based Commerce Bank) the retail lines in the UK have gotten fuzzy. In an environment where personal loans, credit cards, and insurance are being handled by a grocery store chain, a traditional operation like Barclays has to do what it can to get consumer attention. I'm simply not sure, beyond the gee-whiz factor, what this use of technology does for Barclays, its customers, or its prospects. (I'm also not sure that the brand refinement of "we're not stodgy!" is really a winner.)

It does point out, however, that banks continue to seek new ways to invigorate the branch experience. Several years ago, we saw the advent of throwing flat panel TVs into branches playing CNN all day. Is it soporific for the 9 customers in line for the single teller? Perhaps. But for my money, if you have a customer or prospect in your branch, that's the best opportunity to deepen the relationship. That's not done by touch screens and news tickers, but rather by contact with banking professionals.

Comment by Victoria Fierson on December 30, 2008 at 9:04am

Jeff,

Great post, really informative. The whole concept of financial institutions enhancing their technologies to improve the customer experience is becoming very popular. My colleague Mary Wisniewski, wrote a blog not too long ago about Umpqua Bank.

I too wonder how an institution will be able to distinguish themselves from other brands. Clearly this technology is aimed to simplify the customer banking experience. If other institutions see the success Barclays has they'll most likely offer something similar to remain competitive. Maybe the differences will be in the small details each bank offers. Maybe Barclays will develop their own personal mobile banking device? I'd be interested to hear about some of the marketing strategies you typically handle.