Key considerations for creating a cohesive customer experience at the branch
When a customer enters a branch, they’re going in with a mission in mind. They’ve bypassed convenience channels – apps, online banking, or ATMs/ITMs – so their need is less automated and more human. These individuals may be one of the 14% of Americans opening a new checking account – 72% of whom are Gen Z – or they seek support, consultation, or advice from financial experts. The reality is that many branches are not designed for a more personalized purpose. Traditional branches focus on processes over people, but with modernization, branches can deliver efficiency for the bank and improved experience for the customer.
Most organizations that need to revitalize their branches are aware of it – from the dated interiors to inefficient workflows – but there are some primary catalysts that demonstrate the need for branch transformation. To begin the process of change, banks must first identify the value they want the branches in their network to deliver. The role of retail environments today has largely shifted from transactional hubs to places that deliver consultative experiences and bring real value to customers and communities.
How consumers will use the branch defines how financial institutions can derive the greatest value from their branch network. Basic transactions for the consumer equals efficiency for the financial institution. Human service translates into customer loyalty. Delivering valuable financial advice creates the opportunity for cross-sell. And the front door of the brand represents prospects for acquisition.
When planning for branch change, it’s vital to know how much value an organization is getting out of each branch in the network and the impact on the network as a whole. It’s also important to understand that growth is not the only purpose of branch transformation. There’s an efficiency play, as well. While a market may not be actively growing, there could be a strategic reason to stay. Even more, gaining efficiency in branches allows banks to invest savings into higher opportunity locations and foster expansion into new markets.
Before beginning the process of branch change, banks and credit unions must have a solid strategy that defines what the institution is trying to accomplish through their branches and how they’re going to achieve those goals. A well-defined strategy also ensures that internal stakeholders are all on the same page. From there, planning priorities can iterate year over year but should always track back to the overarching strategy.
Branch building is a team sport, where powerful partnerships between institutional decision makers, implementation experts, and designers, architects, and engineers result in purposeful branch change. Achieving any systemic, enterprise level shift requires consistency, commitment, and a collaborative culture. Having an experienced team to manage the design build process helps banks and credit unions stay on time and on budget and facilitate mission-critical communications all along the way.
Using a turnkey design-build approach customized for financial institutions will help mitigate cost overruns and do-overs that may occur using a more traditional architecture firm-based process for branch construction. Financial services are a specialized sector, and successful branch transformation requires experts well-versed in the banking industry to create meaningful customer journeys in the branch banking channel.
Key considerations during construction include understanding and planning for the impact of renovation on bank operations, especially if the branch will be open during upgrades. Branch building requires a lot of planning and preparation for construction and coordinated efforts to minimize impact on the customer experience. Beyond designing and delivering a branch with a more modern interior and functional flow, successful change really comes to life from how staff are trained to use the space.
Renovation of existing locations is more internally intensive, because employees must relearn skills and adopt new behaviors. New ground-up locations have the advantage of empowering employees with new processes in new spaces. In both scenarios, however, staff members benefit, as happy employees with the proper tools are always going to better serve the customer or member. With a strong foundation of strategy and design and a well-equipped implementation team, banks and credit unions have a sustainable and sound approach for branch transformation, now and in years to come.
To learn more about branch design and construction for financial institutions, or to speak with one of Adrenaline’s brand-to-branch experts, contact us today.
Adrenaline is an end-to-end brand experience company serving the financial industry. We move brands and businesses ahead by delivering on every aspect of their experience across digital and physical channels, from strategy through implementation. Our multi-disciplinary team works with leadership to advise on purpose, position, culture, and retail growth strategies. We create brands people love and engage audiences from employees to customers with story-led design and insights-driven marketing; and we design and build transformative brand experiences across branch networks, leading the construction and implementation of physical spaces that drive business advantage and make the brand experience real.
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