Responses to MultiFamily Insider's very own Brent William's survey revealed that 23% of multifamily professionals believe there will not be office teams in ten years. Were you surprised? Confused as to what this might mean? For those looking for a crystal ball on the future of the multifamily housing industry, there is a lot to be learned from other sectors, such as banking, that have navigated similar disruptions. I spent the first 20 years of my career with Capital One, with a majority of that time leading service and operational teams, and have experienced a similar transformation firsthand.

LESSONS FROM RETAIL BANKING: THE CAPITAL ONE STORY

Capital One's Evolution:

• Initially, Capital One (COF) operated solely as a remote entity, disrupting traditional credit card models with mail, phone, and online-only services.
• As they entered retail banking, the vision was to continue this strategy without the need for physical branches.
• However, COF learned that many customers needed help with digital tools or wanted to talk in person about financial goals and concerns.
• Despite the digital experience, customers continued to call into centralized teams—they wanted to talk to a human when it came to their MONEY.
• In some cases, particularly in preventing fraud, COF found face-to-face interaction to be an effective risk prevention method.

Emergence of Cafés and Eno:

• On the other side of this digital shift, Capital One introduced "Cafés" – hybrid spaces combining banking services with a café atmosphere.
• These Cafés provided a new way for customers to interact with their finances, blending digital convenience with human touchpoints.
• To create more personalized service, COF launched Eno, its AI-powered virtual assistant, in March 2017. Eno was designed to help customers manage their finances by providing insights, alerts, and customer service through text messaging and other digital channels.

I do not claim to have all the answers, but this example poses some key considerations for management teams as they take on new operating models.

Key Considerations:

• Human Interaction: Regardless of technological advancements, there will still be situations where residents want to talk to a human about their HOME. What are the moments where a human touch means the most for your residents?
• Personalized Service: How might AI-enabled services create a personalized service experience for your residents?
• Risk of Becoming a Commodity: In building communities where residents thrive, there is value in having an on-the-ground view of resident experiences and building personal relationships. If you're not building these connections, how quickly will they consider other properties?
• Operational Risk Management: What are the key operational risks where human oversight will continue to provide valuable mitigation?
• Evolving Roles: While the traditional team structure may evolve, what roles and tools used by these teams are needed to meet new demands?