Back in the early 1980s, Sears, Roebuck & Company were one of the first retail firms to launch a financial services offering to their customers, taking them from ‘Socks to Stocks’. We have since seen global retail brands – WalMart, Tesco, Home Depot and Ikea to name but a few – bring a range of financial products to their customers in the form of current accounts, mortgages, credit cards, personal insurance and warranties.
These brands have used their physical stores for promotional activity, seeking to cross-sell to their retail customer base. For example, we are all familiar with the leaflets for financial products at the checkout. While these propositions have certainly extended the retailer’s brand, they have sometimes been seen as separate to the company’s core offering. In many cases, they are even provided by third party suppliers.
The reach of technology now offers the opportunity to bring the retail shopping and financial service experience even closer together. By doing this, we believe retailers can use their physical stores, fulfilment capability and customer data to even greater effect, creating a deeper and broader relationship with the customer that can help promote further loyalty to the brand.
To see what this could be like, we have created a short video which shows how the experience could be transformed.