When to Remodel Your Branches
- Branch Transformation
- Credit Union
- Retail
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Here at LEVEL5, we talk a lot about how the world of retail is changing with the evolution of technology and how important it is for banks and credit unions to follow suit with the change. While adapting with the times is imperative for survival, it should be emphasized that change should never happen without strategy and clear intention.
While designing a new prototype to build a network of updated branches might be the most exciting prospect, it might not be the most efficient move based on available budget and/or operational capacity. Every financial institution is different, so it is important to know what makes the most sense for you.
This is where remodeling comes in.
Most branches across the country are already outdated. Most tend to be functional to a degree, but they lack the modern strategies that an open floor plan, technology, Universal Teller and journey/flow offer.
At LEVEL5, the branches that are presented to us as part of a remodel project tend to be over 10 years old. In fact, we’re working with a client that has a branch last touched since the 1960’s. That may be a record.
Regardless of age, the need is there. To understand the path forward for a remodel, we have identified three tiers of remodeling, each with their own varying levels of complexity, cost and impact.
Refresh
Refreshing your branch network is the least involved of the three, focusing purely on the surface-level aspects of your branches. This would include putting a fresh coat of paint on the walls, fixing up any dinged surfaces, possibly replacing the carpet, or any other small fixes. These would not take very much time and would have minimal impact on your branch operations. These changes are meant to cover up the natural wear and tear that a branch compiles over time.
Redesign
A redesign would be a step up from the refresh. This wouldn’t necessarily mean overhauling the branch, but more so taking a look at what is outdated and isn’t working in the branch design anymore. If you still have traditional teller lines, this might mean taking them out and replacing them with teller pods. Along these lines, introducing additional technology could also involve ITM’s or adding a tech table with some iPads for consumers to use if that makes sense for your demographics. With the introduction of tech, inevitably some fixture modifications would fall in line as well.
Reinvent
The most involved (and presumably, the most impactful) way to remodel your branch would be a reinvention of the space. This means a complete overhaul of your branches, just short of building new ones from the ground up. This would include all of the elements of refreshing and redesigning, and more.
From knocking down walls to not only create a more open concept, but to allow for better flow and offer a better retail journey for each visitor.
This is also an opportunity to reinvent brand deployment. This is not necessarily calling for a rebrand, but a reinvention of the way your brand is executed in the physical space.
Technology here is a foregone conclusion as it creates a superior consumer experience. Wall graphics to support the zones in your branch could allow your consumers to know exactly where they want to go in the branch for their specific purposes. Even lighting could alter the consumer experience.
Now more than ever, change is not only important, but necessary for survival.
If you’re interested in assessing your branch needs to build a strategy, CONTACT US now.