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Defining the retail strategy for Ecuador’s top bank​

Category Financial Services – Client Banco Pichincha

Banco Pichincha, the biggest private bank in Ecuador in terms of capitalization and client base -where it serves around 1.8 million customers and manages over 200 branches-, asked Mormedi to create its new retail strategy to consolidate its position as leader, differentiating the bank’s positioning and creating a customer-centric experience.​ The result was a brand-new customer experience via new spaces, branding and service design.

 

The challenge

Banco Pichincha is the #1 bank in Ecuador; however, in order to consolidate its position, it needed to implement a new retail strategy. For this, Banco Pichincha asked Mormedi to help it create a differentiated positioning and a customer-centric experience that would reinforce the bank’s vision and values internally and externally. ​

Mormedi created the new strategy for Banco Pichincha’s flagship store, and then adapted it to the bank’s 4 other typologies of branch.

Our approach

Mormedi carried out this project in three phases: strategy, conceptualization, and branch adaptation. ​

During the strategy phase, the Mormedi team carried out deep customer research through 4 focus groups, a benchmark study of 8 local competitors, and a best practices and global trends analysis that included over 30 banks on five continents, as well as a sociological and political context analysis that provided deeper customer understanding.

Mormedi constructed customer personas to help identify the key customer pain points, and went on to create a digital roadmap to outline what technologies the bank could implement in the short and medium term.

During the conceptualization phase, Mormedi used the knowledge and insights obtained during phase I to design the space for the flagship branch. Mormedi and Banco Pichincha defined a new customer service model based on three pillars: 1) Efficient and simple; 2) Improves the customer experience whilst strengthening the Banco Pichincha brand, and 3) Supports digital migration. This new model was supported by a series of KPIs that would measure the success of the project.​

Mormedi designed the entire space distribution of the flagship store, customer flow maps, construction materials, look & feel, space typology, and furniture. During the branch adaptation phase Mormedi took the principles established in the previous phase for the flagship branch, and adapted every element to be appropriate for Banco Pichincha’s ​4 other typologies of branch, including their private banking branches.

The result was a brand-new customer experience via new spaces, branding and service design.

Impact

Mormedi’s multidisciplinary team—including industrial designers, retail-focused architects, sociologists, and service and strategy designers—worked efficiently together over a tight timeline to redefine the bank’s retail strategy.​

What we did

  • Research & Strategy
  • Furniture design
  • Space design
  • Service design
  • Implementation oversight