Umpqua Bank’s innovations lab
Here’s a bank with a difference. Last year, Umpqua Bank opened its new store concept in Portland, Oregan. The store, designed by Ziba and centred around fostering community, will serve as Umpqua’s Innovation Lab. The Lab will be a testing ground for new initiatives and technologies that redefines the banking experience.
Umpqua’s Bank design strategy won a 2008 IDEA Gold award. The integrated brand experience and the concept of “slow banking” was credited with helping the bank grow from $120M to $8B.
Ray Davis, CEO and vision guardian, said:
Umpqua has long been known for its innovation around the customer experience. Now, with the opening of the lab we have a unique setting to consistently experiment with new technologies, engage the public and learn from evolving customer preferences.
According to the press release, the Lab, in addition to serving Umpqua’s signature blend of coffee, will feature:
- Product Wall: A 25-foot, interactive, seamless dynamic plasma wall that features touch screen technology, podcasts and community search functionality.
- Community Wall: This interactive display wall serves as the store’s official community center. It provides information on volunteer opportunities and community events, supports fundraising for community organizations and includes a survey option for users to tell Umpqua which topics they would like to learn more about.
- LocalSpace: Umpqua’s own social networking site. Designed to connect and assist local businesses in a virtual setting, LocalSpace offers opportunities for mentoring, expert advice, public community calendars and 3-D mapping from Microsoft’s Virtual Earth.
- Computer Cafe: Features tables embedded with state-of-the-art Lenovo laptops inviting visitors to try out easy-access online banking solutions or simply surf the Web.
- Ask an Expert: Uses the Cisco Unified Meeting Place solution to connect customers face-to-face with experts on a wide range of financial topics at any time.
- Interactive and In-store Shopping: Browse merchandise from local merchants as well as Umpqua’s Discover Local Music CDs, books and other finds.
This is really a breath of fresh air, as other banks are closing local branches and hedging their bets on the direct and online channels. Still, I would be interested to see how it handles the long queues at lunchtime and freeloaders who pop in for free wi-fi and a latte!
Watch a local Portland TV station’s report on the Lab (YouTube).
