Enhanced Credit Union Retail Banking: Remodel Your Branch for Optimal Member Growth
- Banks
- Branch Transformation
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Embracing Evolution to remodel your credit union
Remodeling credit union branches is essential to competing in an evolving market. In the rapidly evolving landscape of credit union retail banking, adaptation to technological advancements is paramount for institutions to remain relevant and competitive.
However, embracing change should always be accompanied by a well-thought-out strategy. While the idea of creating a network of completely new modern branches might be enticing, it’s crucial to consider factors such as budget and operational capacity.
Remodeling existing credit union branches can offer a practical and efficient solution. This article delves into the significance of credit union and bank branch remodels and outlines three tiers of remodeling strategies:
- Refresh
- Redesign
- Reinvent
The Need for remodeling credit union branches
In an era where technology drives member expectations, many branches are lagging behind in terms of design and functionality. While they may serve their purpose to some extent, they lack the modern strategies that can optimize member experience.
Whether it’s an outdated floor plan or a lack of technological integration, the need for remodeling is evident. Even branches untouched since the 1960s are candidates for transformation, highlighting the universal need for change.
Three Tiers of Remodeling Strategies
1. Refresh: Surface-level Revival
The refresh strategy focuses on superficial changes to rejuvenate the branch’s appearance and drive member engagement. This involves minor fixes that cover up wear and tear accumulated over the years. A fresh coat of paint or wall graphics, repairing damaged surfaces, and replacing worn-out carpets are examples of these quick fixes. As a relatively simple process, refresh remodeling has minimal impact on branch operations. It’s a cost-effective way to enhance aesthetics and maintain a presentable environment.
2. Redesign: Modernization and Efficiency Enhancement
Moving up the remodeling ladder, the redesign strategy aims to address outdated elements and inefficiencies within the branch. This approach doesn’t entail a complete overhaul, but instead employs a targeted strategy to improve functionality.
For instance, replacing traditional teller lines with teller pods, incorporating Interactive Teller Machines (ITMs), or introducing tech tables with iPads can enhance member engagement and convenience. Even incorporating things like a coffee lounge, or a fireplace work wonders to create an inviting and comfortable experience.
Watch our video on Colorado Credit Union’s Branch Remodel, where our team refreshed an existing space into a new branch with new teller pod layouts, a community room, and more!
View our video on 4 Remodels for Wasatch Peaks Credit Union in Utah, we helped create a modern, refreshed and uniform look, a complete overhaul from their older traditional spaces from the 90’s.
Included in the remodels were:
- Teller Pods
- Glass walls for an open-air environment
- New Floor Plan layouts optimizing operations and members’ journeys
- Cash Recyclers
- Coin Machines
3. Reinvent: Complete Transformation for Maximum Impact
The reinvent strategy marks the most comprehensive and impactful form of branch remodeling. This approach involves a radical transformation, falling just short of entirely new branch construction. It encompasses elements from both refreshing and redesigning strategies while introducing more profound changes.
Knocking down walls to create an open, flowing layout can greatly enhance member experience. This level of remodeling also presents an opportunity to reimagine brand execution within the physical space. Incorporating technology for a superior member journey, employing member consultation rooms, and manipulating lighting for ambiance all contribute to an immersive and modern banking environment.
Adapting to Survive: The Necessity of Change
In the current landscape, embracing change is not just important; it’s essential for survival. With consumer expectations evolving rapidly, credit unions and banks must keep pace to remain competitive. Remodeling offers a tangible way to meet these demands, allowing financial institutions to offer modern, efficient, and engaging services to members.
As financial services technology continues to shape the industry, remodeling becomes a means to not only survive, but to thrive.
Taking the Step Towards Transformation
The evolution of credit union retail banking demands a proactive approach to change. While the idea of building entirely new branches may seem tempting, it’s also vital to assess the most suitable strategy based on budget, operational capacity, and member needs.
Remodeling existing branches offers a practical and efficient solution. Whether through a surface-level refresh, a targeted redesign, or a comprehensive reinvention, branch design remodeling allows financial institutions to adapt, transform, and create a banking experience that aligns with the expectations of today’s tech-savvy consumers.
If you’re ready to embark on the journey of branch transformation, contact LEVEL5 to assess your branch needs and develop a tailored strategy for a modern and member-centric banking environment. Together, we can shape the future of your retail banking and growth through strategic remodeling.