How regional banks can win with a people-first philosophy
Regional banks with consumer-facing retail products are experiencing an existential crisis. Exacerbated by the rise of the COVID-19 pandemic, the industry has quickly moved into a technology-enabled, virtually-mediated world pitting regional banks against banking organizations of all sizes — from well-capitalized national competitors through to tech-savvy digital upstarts.
R/GA conducted a study of 6,000+ US banking consumers to uncover growth opportunities for regional banks. We discovered most retail banks (national, digital, and regional) are focused on convenience — in fact, all three bank types are at parity in this respect.
However, only 26% of regional bank customers feel their bank is different from other banks.
The upshot: In a saturated market, regional banks can’t win on convenience alone.
To stand apart, regional banks can lean into their unique advantage — an ability to forge more meaningful human connections with customers — but they have yet to translate this advantage for a digital-first world. By capitalizing on this strength, regional banks are well-positioned to win on a pressing consumer need that we are calling Financial Harmony: the financial security to live in the present while preparing for the future.
This report shows how regional banks can combine digital tools and human connection to differentiate from competitors, accelerate the adoption of more human digital banking experiences, and drive business growth.
To learn more, download the banking innovation report here.
Intelligence Report
An in-depth report on the critical disruptions to the US market, breaking down the themes, issues and factors that are impacting a specific sector through a behavioral and organizational lens. We evaluate the pressures and opportunities businesses face to design human-centered innovation solutions for growth.
Business Transformation is R/GA’s consulting practice, designed to help the C-suite innovate. We answer clients’ most pressing innovation challenges by creating transformation imperatives which fuse human-centered problem solving with business rigor to identify new opportunities and bring them to market — fast. Learn more about Business Transformation here.
For more information, please contact Christy Randall, Director, Business Transformation, R/GA.
