The UK’s fourth-largest building society by assets, the Skipton, has partnered with retail and design agency M Worldwide to devise a future vision and flexible framework for its in-branch experience, environments, and communications. Douglas Blakey reports on the developments and their results
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The location: Guildford in Surrey and the financial institution: Skipton Building Society. Not perhaps the most likely combination for one of the more interesting branch projects of the year.
The Skipton, the UK’s third-largest building society by branches (95) and fourth-largest by assets (see tables) has spent the past 18 months working with retail and design agency M Worldwide to craft a new branch concept.
In February, a pilot branch opened its doors with big ambitions: to redefine the idea of retirement.
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By GlobalDataLee Holden, divisional manager at Skipton Building Society says: “We’ve always had brilliant existing customer service scores, but our challenge was how to encourage more people across the threshold, then inspire and engage those people to help fulfill their hopes and dreams.”
With a range of specialist financial products, this mutual organisation largely caters to the over 50s. In light of the changing needs of its customers, staff, and technology, Skipton tasked M Worldwide with devising a future vision and flexible framework for its in-branch experience, environments, and communications.
David Martin, joint managing director at M Worldwide told RBI that retirement holds infinite possibilities – but that landscape also changes with each successive generation.
“60 is the new 40. There is now a world of opportunity out there for retirees, to go back to university, to sail around the world, instead of just going home to do the garden.”
“The pilot features an ‘Ideas Centre’ concept reflecting this ‘anything is possible later-in-life’ perspective – it’s a homely place that’s much more proactive, open, and welcoming. It celebrates the fulfilment of those hopes and dreams that had to be put on hold whilst focusing on career or raising the family.”
Holden adds: “Customers feel valued and appreciated in this relaxed environment, allowing them to engage with our colleagues and remain open-minded about financial arrangements that can help them achieve their retirement dreams.”
The pilot branch offers customers a clear view of what is termed the ‘Ideas Kitchen’. Just like the kitchen is the heart of the home, the Ideas Kitchen is at the heart of the concept branch.
Martin adds: “The domestic setting – with items such as globes and travel books that staff can use as conversation starters – combine with gestures like starting every chat with a cup of tea, just as one does when visiting friends. This results in an environment that encourages discussion, to help people unearth and fulfil their later-in-life desires.
“At Skipton, the tea-making ritual is one of those key gestures. People used to congregate around the fire, then they congregated around the TV, but they’ve always congregated around a cup of tea. That’s the sort of culture we wanted to bring into the branch in a bright friendly welcoming and hospitable environment.”
He added that the branch staff are key to making the project work.
“It is always a big challenge on projects like this, not just in banking, but the staff service levels and their approach have been brilliant. It helps that a lot of what we have done is supporting is what was there already.”
As Skipton continues its rollout of the new concept, a scalable kit of parts allows it to retain the spirit of the Ideas Centre concept no matter the branch size.
Martin concludes: “We need to be inventive in how we create these environments to support the right experience without throwing a whole lot of money at it.
“There is scope to import elements of the Guildford pilot in other branches – not all branches will have a full refit – but we need to be pragmatic about the elements that can be dropped in.”
