Umpqua Bank Launches Human-Digital Banking Pilot in Three Portland Metro Stores

Umpqua Bank, a subsidiary of Umpqua Holdings Corporation (NASDAQ: UMPQ), has taken another step forward in its vision to transform customer experience with the expansion of a human-digital banking pilot to three Portland Metro Area stores. This week, stores in Lake Oswego, Sellwood-Moreland and the Hawthorne neighborhood became the first stores to incorporate Umpqua’s BFF (Best Financial Friend) pilot banking platform, which bridges the online and in-store customer experience using a unique digital app.

Using BFF, customers can conduct virtually every in-store bank interaction digitally with the exception of cash transactions. They can also receive expert financial support through their BFF associate, who serves as their personal private banker devoted to their banking needs.

According to Cort O’Haver, Umpqua’s president and CEO, BFF represents a different approach to digital banking, putting human relationships at the center. Rather than leveraging digital technology to make banking less relational and connected, Umpqua’s vision is to use technology to bring customers and associates together in unique ways that are personal, consultative and scalable.

“Customers tend to have two banking experiences—online and in branches—that are often separate and distinct. Human-digital banking bridges these two worlds so there’s a more seamless banking experience,” said O’Haver. “The central feature in Umpqua’s approach to human-digital banking is a real human being, who is the connection point between customers’ online and in-store banking experiences through the BFF platform.”

During the in-store pilot, BFF concierge desks will serve as demo stations, and roving associates equipped with technology will help with customer needs. As the platform evolves, Umpqua’s stores will provide platform onboarding, training, financial health seminars and other activities that add value to Umpqua customers and communities.

Today’s announcement follows the successful conclusion in September of Umpqua’s initial six-month mobile-based pilot involving more than 1,800 customers served by associates located in a centralized BFF hub. The pilot tested whether customers would adopt and find value in a digital relationship model. More than 90% of participating customers responded positively, finding that the human-digital approach enhances the banking experience and mirrors the level of personalized in-store service. Results also indicate that associates can be scaled to serve as BFF to more than 1,000 customers.