BNZ: Out Of The Box
BNZ had pioneered a new way of offering products and starting conversations in store a few years ago – the resulting system was known as Out Of The Box Banking (OOTB). The need to accommodate and merchandise around a growing range of products posed the central challenge. The opportunity to apply the distillation of extensive customer insight and in store learning’s suggested a rethink of the strategy, product roadmap and merchandising model for OOTB. The project’s objective was to assess the OOTB value proposition and align the packaging design and in-store delivery to provide a solid platform for future customer growth and staff engagement.
This work was fortunate to be done in conjunction with a significant store redesign project. To meet the changing needs and desires of its customers, BNZ is rapidly developing a service model and product approach that is transcending the banking approaches of old. In line with this, BNZ has been actively making its channels and customer touch points more open, fresh, and informal. They are also integrating their channels with a view to becoming more accessible, relevant and valuable to a wider range of New Zealanders and businesses.
By making services and products tangible through OOTB, the Bank provided a whole new way for customers to interact with its products. The Bank has also transformed the way its people sell products therefore maximising the return on their retail footprint.
DNA used a series of methodologies for collection of insights to ensure the end result met the needs of their core customer groups and the staff in the Banks 180 branches. These insights distilled down the value of the offer to four concepts that are reflected in the final merchandising and furniture design, the new modular system, the product range itself and the core product information tiers. The insights also guided the design expression and packaging execution. Being customer led as a bank means ultimately delivering integrated experiences where customers and staff can enjoy a more intimate, powerful and effective experience and service delivery.
The core guiding principles were founded on; Freshness, simplicity, desirability and credibility. The new OOTB solution encapsulated:
- New OOTB packaging design changing both its form and look
- New product and advice content to fit the new OOTB structure
- New merchandising fixtures
- Flexible application to 180 Stores.
The re-launch of the OOTB system has resulted in:
- Increased average number of sales staff make each week
- Improved customer stickiness, as measured by the average number of sales per sales interaction
- Positive staff feedback saying the OOTB system is an effective sales and service tool, customers interacted well with the system and the system is simple to use
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