KQ Article

The banking industry has always been obsessed with efficiency: how to quicken transactions, shorten lines, reduce staff, get customers in and out. Traditionally, this singular focus was appropriate because it aligned with broad customer demand for speedy, convenient service. At the time, however, financial institutions recognized that “speedy” and “convenient” were relative terms. The number of minutes customers had to wait in line was less important than how bored they got while they waited.

There is a famous anecdote about tenants in New York’s Chrysler building who complained about slow elevators. Making the elevators faster was cost-prohibitive, so building managers added full-length mirrors to the elevator lobbies on every floor instead. Complaints ceased immediately.

Today, we are entering a new reality where the quality of the experience trumps speed. This is not because people have more time on their hands. It is because people have their own lobby mirrors, so to speak, in the form of smartphones and iPads. These technologies turn long lines into a chance to catch up on work, socializing or entertainment. Instead of budging in line or grousing about being put on hold, we fill our wait time with a neverending stream of email, texting, games, Twitter and Facebook.

Robert Stephens, founder of Geek Squad and CTO of Best Buy, describes this new consumer as “picky but patient.” He explains that while consumer expectations for the total experience — including the actual offering — are rising very rapidly, their willingness to wait is increasing just as much.

What does this mean for you? That your lines need to keep moving — but maybe not as fast as they used to. It is far more important to make every experience the best it can be. Of course, you’ll also want to make sure your building has exceptional wireless reception.

Our Point of View
1. Experiences should be rooted in your story.
2. Experiences should explore and celebrate customer values.
3. Experiences should be purposeful and inspire the heart.
4. Experiences must be meaningfully measured.
5. Experiences live or die by stewardship.

_{© 2012 Deluxe Enterprise Operations, Inc.}