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Coffee’s the New Banking Lifestyle – Ideas on how Regions Online Banking can Evolve and Avoid the Certain Bleak Future

regions online banking
regions online banking

Regions Online Banking will have to evolve if it has to survive –

Corona has changed business dynamics – that’s the headlines. Regions online banking will be the norm; the new norm very soon. Traditional banking, person to person banking will be taking a hit.
How – read next.

Let me make a prediction here – soon people will be abandoning cash for cards for online transactions. Very soon, wallet swiping will be common; and very soon the retail business will be no more.

Frontiers are changing, pretty fast. Nobody’s able to judge the speed.

If banks don’t change. They won’t last. Period. Google-pay, Amazon wallets will be corona for the banking sector.

But there’s always a respite, a leeway.

But first, let’s see how the rigidity of banks will take away their oxygen.
• Banks are bureaucratic
• Very formal
• Moment you enter a bank, you subconsciously get too aware of yourself of being in a not-so-friendly environment, close to a hostile one.
• Queues are normal. But the new normal doesn’t allow that, anymore.
• Subconsciously you feel you’re in a tight, rigid environment. Everyone’s watching, security guards, cameras – that’s quite uncomfortable.
• Nearly all the banks have cameras – all of them are toeing the line of death. Imminent.
• Some banks, still believe in cheques, queues, forms, paper-work. That’s outdated.
• Bank managers are target-obsessed – corporate accounts are a priority, walk-in customers feel that they aren’t.
• The bullet-proof glass counters are just so unsocial, rigid.
• The reception is not so socially receptive. Dictatorial is the code.
• The pseudo-code of sophistication, which though is adopted as banks power, is demeaning. It doesn’t create the aura of business continuation. Rather it stifles it.
• You take a seat to wait for your turn, one doesn’t feel like opening up, introducing oneself to someone waiting next to you. That’s not unusual, but that’s banks power and influence. Your voice is shut. You want to step out ASAP.
• Bank processes are rigid, stringent with no flexibility. Everything has to go through the hierarchy. Understood, its additional security against breaches. But breaches are still happening even with the best banks.

If you’re with me on this, let’s see how can commerce banks’ online banking, regions online banking will evolve, if they ever wanted to.

The ideas shared here will help the banks to bank on the future, build up a new niche in person banking, guard themselves against the expected offensive of Google Pay and Amazon payment gateways.

What is the Future of Banking?

Bleak. Reduced and restrained. Shrinking landscape. The commerce banks’ online banking is the new norm post-corona. People are getting used to plastic currency. This is the next expected norm.

Online banking will be faster, regional and far-reaching. Paper-work will vanish.

Why Retail Banks have to Go Digital?

Not digital but social. How – read next.

The pandemic has wiped away industries in minutes. The next best way for the banking sector is entirely social. Ever wonder why business deals are not done in banks but are done over a coffee at local coffee shops. Why? Comfort levels are high. Conversations are normal, formal and social.

The coffee shops is where the banks will network better.

With Google pay and Amazon; banks’ role will vanish altogether if they don’t keep up with the pace.

What is new in Banking Technology?

As branch banking will reduce and shrink with time, footfall will be lowered for sure. How can banks cope up with this oncoming danger?

Banks should now open up coffee shops. Sounds crazy but that’s how banks will find new customers, close more deals, open new bank accounts.

If banks catch up with this, coffee shops will be the new buzz and real estate business for grabs.

So if a bank has a small outlet in some nifty but recognizable corner in a mall, designed primarily as a coffee shop, the business will come if its secondary and agents are not rushing to you with flyers.

Coffee shops which are designed on the precipice of hospitality, minus the formality found in banks, it will catch the footfall. The design aesthetics will indeed be driven by coffee aficionados. So banks will have to go social.

If I have to find a coffee shop near me, if that happens to be 24/7, run by a bank; imagine the footfall. Banks with 24/7 tag will be a new niche. Since banks are cash-rich, the risk of closing a coffee shop will be minimal too. Both verticals will be supporting each other.

So imagine, a nice shiny counter featuring hand-make cakes, pastries, with the best selection, well-grounded, well-beaten coffee is served. The rich aroma wafts through the air, while there’s some bank’s branding and the 1st coffee is on the house. Wouldn’t that change the banking tradition altogether?

So if all coffee shops in a mall are taken over and sponsored by banks, the food chains will be the next hotcakes.

Now the next idea is much more appealing. Coffee shops is the first interaction, the tier-1 to spread the word and achieve the much-needed footfall.

IDEA NEXT – Can Banks be Co-Working spaces?

Why not. That will be the next normal post-corona corporate trend. An answer to the current flagging economy, banks will have to self-immerse in innovative practices which go against the tradition.

Co-working spaces were the best answers to expensive office rentals. The PaaS (Property As a Service) picked up pace but didn’t get the mainstream attention.

Now we could expect it could, if banks jump onto the bandwagon.

Why Banks as Co-Working Space?

There are quite many reasons for it –

  • Banks need the footfall, which has declined
  • People need ecosystems to work, collaborate – co-working spaces bring intelligent minds together, even remote talents are respected, get fused and new ideas a discovered
  • Co-working spaces are untraditional, forward-thinking, relaxed and infuse creativity.
  • Taking it forward, corporate offices, banks lack the creative part by many leagues. Everyone knows why.
  • Co-working spaces are not established to please anyone – its pure simple work getting done.
  • Co-working spaces are leaner, fun to work at, great networking opportunities are abundant, many ideas are waiting to open up and get funded.

Banks can evolve to be such ecosystems. Now the question is –

How to Set-up a Co-Working Space?

  • Banks can rent out massive and spacious areas of redundant and abandoned warehouses. Pledged real-estate can be an opportunity until the delinquent customer pays up.
  • High rental fees, charged at per square foot, co-working spaces are expensive to run and maintain – banks are cash-rich. Even the much unknown, unpopular banks can afford such spaces.
  • These spaces can house – internet, sitting and meeting spaces, conference halls, training arenas, gaming rooms, coffee and cocktail hotspots, salons, gyms and just whatnot.
  • Banks can brand these places with no-so-sales-oriented approach; the subliminal marketing (guerrilla marketing) will work here on its own.
  • An ATM, a kiosk, a help-desk, account opening mechanism – all these will be available at the co-working space without the bank’s weight of formalities on these processes.
  • Business deals happen at coffee-breaks. Ideas emerge in coffee-breaks. Banks can supervise these. Sponsor coffees, banks can do that.
  • High-speed internet – everyone loves that.

The co-working spaces business will now be much more relevant. People with real estate can convert and book banks to sponsor them.

Coworking spaces are now validated with these ideas, regions online banking has a new avenue which cannot be dominated by Amazon and Google. On the ground business transformation ideas are difficult to grab for giants. Banks will be in direct competition with Gloria Jeans, Starbucks Coffee – if Amazon, Google sponsor these, this sector will gain quite an attention very soon.

more on the economy or read more on our interesting, ingenuine topics on Pakistan:

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