Chapter 2 Case Study: “What’s in a store at Umpqua Bank?”
1. How does Umpqua enhance consumer motivation by making itself personally relevant to customers?
Ray Davis, CEO of Umpqua Bank, had already impacted the banking industry by treating a bank like a retail outlet, rather than just a branch for transactions. Umpqua Bank firstly impressed consumers by the modern design and relaxing environment, which is nothing like an old-fashioned bank. Moreover, consumers are provided a free cup of Umpqua-brand coffee, Wi-Fi Internet access and television screen with comfortable seating, they could enjoy the music while surfing the Web to shop for banking products. This makes consumers feel like they are home rather than a bank branch; therefore, consumers can comfortably gather and conduct business. Umpqua Bank also maximise consumers’ financial comfort by teaching youngsters how to make, manage and save money so that they could accomplish their financial goals in the future. In addition, in order to enhance relationships between employees and customers, Umpqua bank sent their employees to customer-service courses offered by Ritz-Carlton. This ensures that every customer receives first-class attention no matter the size of their bank accounts. Furthermore, Umpqua Bank had improved their technology by introducing Innovation Lab that allows customers to easily access product information and listen to podcasts. To sum up, by making itself relevant to customers, Umpqua Bank had brought an easier and more enjoyable banking experience to customers as well as enhances customers’ motivations.
2. Explain, in consumer behaviour terms, how the Innovation Lab enhances customers’ ability to process information about banking products and services?
Innovation Lab was introduced to offer customers an easier way to connect to the bank and obtain detailed information about banking products and services. First, the interactive wall, which features...