Umpqua is a rather unusual name for an unusual, and very popular, western region bank--a bank that seems to have a knack for capitalizing on changes in the industry. I don't mean subtle tweaks and shifts to meet banking demands--I mean major trend-setting, ground-up concepts generated by top-rated design talent.
I have followed developments at Umpqua for almost ten years and this bank has managed the twists and turns of a competitive market better than institutions twice its size. Quite frankly, this bank is fearless.
When most banks, even big ones, would explore familiar territory for new ideas and directions, Umpqua seems to look skyward and step into thin air, trusting that a new idea Shangri La will reveal itself. How do they do it? Well, it comes down to one man.
That man is Ray Davis, CEO, who many call a true visionary and definitely not your ordinary bank exec:
". . . spend any time in Ray Davis's corner office and you'll quickly discover why Umpqua is anything but a traditional financial institution. A maverick in the industry, Ray is as comfortable talking about culture and brand as he is discussing the details on a balance sheet." BNET/Design Management Review by Steve McCallion
What is the Maverick's next move? Umpqua calls it the Innovation Lab and "innovation" is the key word. It is a community center, store, meeting place, and bank all rolled into one and a truly original banking concept. Let's take a look:
Store Uses Sensory Technology to Inspire, Delight and Engage Consumers; Space Designed as Community Hub
PORTLAND, Ore.--(BUSINESS WIRE)--Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ:UMPQ), has opened its new store concept in Portland, Ore.'s South Waterfront neighborhood. The store will serve as Umpqua's Innovation Lab, showcasing emerging and existing technologies that foster community and redefine what consumers can expect from a banking experience. As a testing ground for new initiatives, the Lab will change regularly to feature new technology, products, services and community events. Umpqua Bank Unveils Innovation Lab in Portland, Ore.
Some of the features are:
- Product Wall: 25 feet of "seamless" interactive plasma using touch-screen technology.
- Community Wall: An interactive wall of large displays, which will act as the community center.
- LocalSpace: Umpqua's private social networking site to help the local business community.
- Computer Cafe: Lenovo laptop equipped tables for banking and surfing.
- Ask an Expert: "Cisco Unified Meeting Place" to connect customers with financial experts.
- Interactive and In-store Shopping: Buy books, CD's and local merchandise.
In conclusion, the real beauty of this "store", as it is called, is not the architecture or the furniture, it's the potential of the root concept. Now serving as a lab, it could easily, and quickly, spawn a number of lucrative and imaginative banking schemes. As the saying goes . . . this idea has legs.
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