Constant drumbeat about the need to upgrade branches to adjust for the dominance of digital transactions and the need to offer advisory services. Concerned is, branch changes take time. Contrasting upgrading a mobile app, which can be done in weeks or sometimes less, altering physical facilities can run for months and suck up large amounts of resources human and capital.
And the risk is, just as a bank exposes a new branch, it may already be time for a rejuvenate. Emerging solution to this predicament is the use of open floorplans with flexible spaces that can enable banks to respond more quickly and frequently.
Say, from a branch may have the indoor and outdoor entertainment area that will be a part of the branch. While there is no way to future-proof branches, constantly ‘fine-tuning’ the branch environment is easier than waiting for some years and doing it all in one major renovation when the market may have already deemed outdated.
Associate digital transactions and the advisory experience: Most banks continue to take an incremental approach to redesigning branches/setting up sub-branches testing the concept in or two branches before moving on to others. Also, institutions are gradually transforming their branches to meet the growing need for advisory services.
The degree and speed of change often depends on their customer base. strive to push more transactions to digital and preserve branch staff for engagement and advisory services. Yet is trying to attract younger consumers, older members with banking habits still prefer to visit its 24 branches for withdrawals and check deposits.
Therefore, part of their branch reinventions include educating the membership about the availability of digital channels. For some of them, it’s a new concept. So it’s not just designing a branch, it’s also a matter of educating people about when to use digital channels and what we can help them with in the branch.
Equally, it gradually revamps banking centers to better support the advisory experience. One element as redesigns to implement to break down the barrier of the traditional teller line. It opens up the space, it’s a little more inviting, and enables to easily walk around, either sit in an office or at customer service. It removes the physical barrier and encourages a different type of conversation.
But as noted, consumer behaviors and needs are often changing faster than financial institutions can adapt their branches. Customer segmentation can also complicate branch designs, especially for those who want to meet the needs of their traditional banking customers while digitally upgrading to appeal to younger generations.
Digital consumer experience and optimization: The Benefits of Flexible Floor Plans, the idea mentioned earlier regarding more flexible branch design practices is intended to address the pressure many financial institutions are facing over the pace of change with their branch networks. Notable that banks can add more longevity to their branches with periodic refreshes rather than major remodels.
It is not about starting over. Light refreshes and reinventions with a flexible floor place can help branches quickly evolve with little cost or interruption. There are several things banks refresh existing branches with limited costs or interruption. By keeping hard walls to a minimum and instead using flexible wall systems and doors, institutions can move layouts between conference rooms and meeting areas to private offices or co-working spaces within branches.
These multifunctional spaces enable banks to adjust their floorplans seasonally or reinvent as needs change. The lack of hard walls gives you more flexibility. It may have two employees that travel from branch to branch. This gives them a place to meet with people. It can also open up that space for a buffet table when there is an event. Open floor plans also allow financial institutions to use more Plug & Play fixtures and furniture that isn’t as costly as in-place construction. These fixtures can be moved between branches as needs change.
Stretchy Branding: Branches can also look to digital signage to more quickly and easily tweak brand messaging. Additionally, modular fixtures on a trackable wall surface enables physical wall hangings to be easily moved. Having reconfigurable graphics allows banks to inexpensively and quickly rebrand a space when necessary.
Such branding flexibility can benefit branches that cater to multiple markets, as long as they also have trained and informed staff ready to engage different categories of customers. The most important measures of success will be greater use of digital channels or more logged conversations in the branch. It may to see that shift to digital continue. It would quantify it with online banking enrollments and depth of wallet share.
The key to creating the right branch design is continuous learning and improvement, it may use customer relationship management software to track conversations and other interactions. Bank may encourage members to schedule appointments online, enabling it to better track how and why they visit the branch.
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