3 Ways Financial Institutions are Cashing in On Pop Up Locations

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Recently, Bank of America filed for a patent on a new type of banking venue. While the paperwork describes it as a “mobile kiosk” repeatedly, it’s absolutely a micro pop up shop. The kiosks are designed to allow the financial institution to get traditional ATM services and marketing materials in front of consumers when they need it most. Although the company’s example is that the mobile kiosks will be beneficial during emergencies, such as inclement weather, there are many other applications for the concept, and Bank of America is not the only financial institution cashing in on pop up shops.

1. Creating Effective Awareness Campaigns

PNC is using micro mobile branches as part of awareness campaigns. Unlike some banks that are trying to remove the human element from the equation, PNC staffed their 160 square-foot locations with real employees who could educate the public about the company’s technology and mobile banking options using iPads. Citizens Bank likes the idea so much that they’ve opted to go for permanent venues with small footprints, designed to provide advice and information only.

2. Building Customer Loyalty and Relationships

As every marketer knows, getting your name in front of a potential consumer is only half the battle. You have to keep your brand at the forefront of their minds. If you can do so in a way that the consumer incorporates you into their everyday life, you’re golden. With this in mind, it’s no wonder that Umpqua has signed on for a few pop up ventures. Although the company has done awareness campaigns, like the mobile art exhibition it deployed, some venues have gone so far as to host things like book readings and yoga classes. Capital One has opted for a similar concept by creating coffee shop locations. Customers can grab free financial advice and Wi-Fi as well as an inexpensive cup of Joe in select venues.

3. Reaching More People Through Brand Association

Not surprisingly, consumers have been making use of tellers less and less over the years. Millennials have been a particularly difficult group to reach, as they almost always prefer mobile banking and rarely set foot into a traditional branch. JPMorgan Chase came up with a unique way to connect. As the first bank to allow Apple Pay available on its mobile app, the company already and an in with Apple consumers. Instead of focusing on traditional advertising, Chase got its hands on a burrito truck and served hungry patrons waiting in line to buy iPhones. Eastern Bank did something similar, by grabbing shared space with a restaurant and bookstore on a university campus in the US. Students were treated to financial games and were given the opportunity to register for free online financial courses, which gave them a further shot at winning a $1,000 scholarship.

Created on date: 08/10/2018