The yin and yang of branching
- Branch Transformation
- Credit Union
- Retail
Categories:
Much has been written about the branch of the future. What does it look like? What are the key strategies? How does the member/customer experience play out? Is it even already here?
The short answer is there is no short answer – only different perspectives. The right answer, if there is a singular one to consider, is this: the branch of the future construct is entirely on you and your organization to make it as you see fit.
One perspective on the future of branching is the discussion point involving the traditional legacy of a branch and its core being the transaction, while also understanding the momentum to the modern branch being advisory.
The problem with contemplating a branch strategy from either a transactional perspective or an advisory perspective is in the “or.” Your branch strategy should not be rooted in “or” – it should be rooted in “and.”
Think about it from the perspective of Yin and Yang. Colloquially, Yin and Yang are used commonly to describe to diametrically opposed concepts, like oil and water. But in reality, the concept of Yin and Yang is actually describing two things that compliment each other – not opposing one another.
So when you are contemplating your Branch of the Future and trying to figuring out the anchor strategy of a branch that is either transactional or advisory, the answer is both.
A well designed branch will have both a transactional and advisory zone. The layouts may differ, as long as the strategy is rooted in the member experience. And the way it is executed may also vary, with different forms of cash machines deployed across different areas (both inside and outside) of the branch to appease those short visit based transactions, whether it be ITM’s in the drive-through, Cash Recyclers affixed to floating Teller Pods, Assisted Self-Service machines flanking the Teller Stations, right up to a traditional ATM for walk-up traffic.
On the advisory side of the house, designs can see casual Onboarding Stations with tablets at the ready for initial conversations, semi-private conversations at high top counters with screens for a deeper financial planning session, or a fully private conversation in an enclosed office with a resident Personal Banker, or even in a video enabled room where members/customers can speak to a remote expert.
When you’re contemplating your next branch strategy and the discussion of transactions versus advisory arises, remember the Yin and Yang – they are not individual strategies unto themselves, they are complimentary strategies that are part of a larger, engagement-based branching experience.
If you’d like to learn more about branch strategy and review floor plans demonstrating a well-executed transaction and advisory zone, contact LEVEL5 today.