From Libraries to Bank Branches
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Technology can clearly be an input used to transform traditional industries. Banking has plenty of tradition, and has already experienced plenty of change. What can banks learn from other industries that have successfully gone through a transformation process? Cushing Academy, a Massachusetts boarding school, has successfully transformed its library (read about it here and here). Gone is the old, sparsely populated library. In its place is a popular and modern digital library / cafe, complete with TVs and a $12,000 espresso machine. This example was recently brought to my attention by a bank client (and Cushing Academy alumnus). There is clearly a lot we can take away from this example. It's a fine mix of technology and tradition, in a model that increases engagement. The bank branch, like the library is far from dead - it does however need to be reinvented in order to service clients effectively. Bob Meara has blogged and written about branch banking, I encourage you to take a look. What do you think of the Cushing Academy example? What can banks learn from it?