Report: Samsung To Support Banking Pop-Ups By Mid-2018

September 13, 2017 - Written By Dominik Bosnjak

Samsung Electronics is planning to start supporting a range of banking pop-up stores by mid-2018, the company’s Director of Sales Reginald Jones was quoted as saying on Wednesday, Tearsheet reports. While Mr. Jones didn’t provide a specific time frame for the launch of Samsung’s latest initiative, he stated that the firm’s pop-up locations will be opened in less than a year, indicating that the thereof should debut by next spring or early summer. The move is understood to be an independent endeavor envisioned by Samsung Electronics America and will hence be solely focused on the United States, though similar pop-up locations may also be opened in other parts of the world if the firm’s stateside initiative proves to be successful.

The U.S. branch of the South Korean original equipment manufacturer is now said to be in talks with a number of banks in regards to potential business opportunities that pop-up stores could create, essentially seeking to help financial institutions target new customers, especially younger demographics which are less likely to visit a major brick-and-mortar location. The pop-ups themselves are intended to be run by banks and sell their services, whereas Samsung’s role would be to equip them with contemporary display panels, tablets, and various digital services which would replace traditional posters and signage, Mr. Jones explained. The mobility of pop-ups would also allow them to do a better job of tracking customers through various stages of life, seeking to serve their needs when it’s most convenient to do so, the executive said, adding that this flexibility is something that cannot be offered by fixed banking branches.

The move will mark yet another step in Samsung’s collaboration with U.S. banks which already spans half a decade and has most recently seen the company provide various financial institutions in the country with new electronics and services. Banks reportedly see pop-up locations as a new method of engaging their target audience and are eager to expand their operations to this market segment, Mr. Jones believes. Finally, pop-ups would be relatively inexpensive to manage and wouldn’t be constrained by fixed technological infrastructure found inside major brick-and-mortar locations, which is another reason why Samsung apparently believes that its latest endeavor is a low-risk and potentially high-reward one.