Keybank Case Competition
Key MélangeAlright….One Teller to rule them all! We are suggesting to develop a Key kiosk, which is an evolved version of an ATM that serves as the interface for all types of activities a KeyBank customer would require, not necessarily just banking services. In case of activities that require in person help, the customer can always print a token and get help from a bank personnel.Let me first talk about banking related activities:We understand that one of the main advantages of having a physical branch location is to provide and maintain a relationship with the customers. However efficient an online banking system is, a computer cannot build relationships.By developing these kiosks that are equipped to handle a wide variety of regular banking transactions such as depositing money/cheque, withdrawing money, transferring money to a different account etc., we are enabling our bank executives to spend less time counting cash and more time building relationships. Our tellers transform to advisors.Now about the non-banking services:We also suggest serving the customers more by offering extended solutions and advise on their day to day activities through these kiosks. Provide customers a one stop shop. Provide an option to take a photo print, through partnership with energy distribution companies, allow them to pay their utilities bill, partner with AT&T and allow them to a new pre-paid phone connection, and provide options to seek financial guidance with the help of Hello Wallet’s partnership. Basically, provide them with more convenience and try to GET THEM to the branch.
Key SidecarKeyBank earns its revenue from banking operations. Now, is there a possibility to earn revenues from any source that is not related to Banking?Through Key SideCar, we suggest offering incidental products/ services that are not core to KeyBank’s business. The SideCar businesses come in 2 types. Strategic PartnershipsFor example, did you know a zipcar is reserved in the world every 6 seconds? Imagine KeyBank partnering with Zipcar in a college town? KeyBank just has to provide a few parking spaces. Won’t that increase the chances of the customer visiting the branch location?We could follow 7/11’s example of partnering with Amazon locker. Customers ship their items to a locker and are emailed a code after a package arrives that unlocks the door with that merchandise. It requires minimum transaction from KeyBank as Amazon would take care of everything else. With more and more people working, such a partnership will serve to be very beneficial.Or a simple café to drink a cup of coffee.In summary, these services will increase KeyBank’s brand image by increasing the cool factor, serve as a constant source of additional revenue, will help in customer acquisition and help bring the existing customers to the bank branch. Leveraging existing resourcesWhat do we currently have that we can leverage? Space!!! KeyBank has many plans for small businesses. By launching “Business banking segment”, it is already supporting small business owners, helping them grow. We suggest renting the Meeting/Huddle rooms to such small business owners. They could meet their potential clients, investors over a cup of coffee in a secure place.