The Chase flagship retail store within its global headquarter campus in New York City is open for business.
The new location at 390 Madison Avenue will turn heads. Chase says that the outlet provides an integrated experience that combines digital concepts and technologies.
In particular, the Chase flagship branch has open lounges, private offices and flexible spaces that can accommodate a variety of community events for different audiences.
Chase collaborated with Accenture to design the store, unveiled on 25 June.
“Our flagship branches are experiential locations. The brand truly comes to life for our customers,” says John McGinley, Head of Real Estate, Chase.
“That can be through community events and conversations on financial health. And it is a place where we’ll show the latest technology, innovation and experiences before they’re introduced to the market.”
Chase flagship branch: perfect combination of digital and physical
Allen International, Accenture’s retail design and customer experience agency, worked alongside Chase and New York-based architect firm the Spector Group. Allen helped create a differentiated design that delivers a unique experience and environment that is digital at its core.
This enables customers to interact seamlessly with the bank through a combination of digital and physical channels, according to preference.
Paula O’Reilly, a managing director in Accenture’s Banking practice, says: “Consumers want financial services institutions to provide a high-touch, human experiences coupled with the latest digital tools.
“JPMorgan Chase’s new branch is a leading industry example of a next-generation experience. It empowers front-line colleagues with technologies that enable a differentiated retail experience.”
Allen International was acquired by Accenture in 2016. It designs physical retail space to support multi-channel customer interactions and optimise retail locations that blend physical and digital capabilities to deliver transformational customer experiences.
The company has helped many of the world’s leading banks, telcos and retailers across 57 countries to create engaging physical location networks ranging from 10 to more than 10,000 stores.
Chase branch strategy: by numbers
Of the major US retail banks, Chase has been the most enthusiastic advocate of the branch channel since the crisis. That is certainly the case in terms of the size of its branch network.
In 2008, as the banking crisis peaked, Chase operated 3,195 units. The acquisition of the failed Washington Mutual added a further 2,213 units with Chase ending 2010 with just over 5,250 units.
It then bucked the trend towards shrinking branch numbers by adding to its branch channel.
The Chase branch estate peaked at 5,697 outlets in 2013.
Chase ended 2018 with 5,146 branches in the US down a net 142 outlets from 5,288 at the end of 2017/.
While the Chase branch network overall is shrinking slowly, it is also opening a number of new branches in key markets. In particular, last year Chase revealed plans to open up to 400 new branches in 20 key markets.