Part 3 in the #SaveMe Guide to Painless Branch Transformation.
Branch Transformation is inevitable, but it certainly isn't easy for most risk-averse financial instutions. But if you don’t want your branches to go the way of Blockbuster Video (RIP, DVD late fees!) investing in transformation and innovation is a must.
Whether you're looking to update existing branches or build new ones, there are ways you can reduce your risk and save money. Read on for some of our top ways to save and get the most for your Branch Transformation budget.
Try Before You Buy
It’s hard to tell what kinds of changes will have a true impact on branch efficiency and profitability without seeing it in action, so DBSI created the Ideation Center.
The Ideation Center is the only place you can see and experience the latest innovations in retail banking: interact with apps that allow clients to discover how your products and services help them; see the innovations enabling Universal Associate models; try out the latest in self-service; and so much more.
Like a new pair of shoes or the latest ice cream flavor (pizza?), you should be able to give the latest retail banking innovations a try first, to see if they’re a true fit. That way, you can be confident in your decisions and save money on things that just don't feel (or taste) right.
Set a Realistic Transformation Budget
After doing a few hundred Branch Transformation projects, we've gotten pretty good at understanding the costs and how to calculate an accurate budget based on the type of transformation, size of the project, level of finishes, etc. So DBSI offers a Smart Budget Tool that makes it easy to determine an accurate budget and design for your money.
Nobody wants to go back to the board for additional spending approvals because the budget was off, so get it right the first time with a Smart Budget.
Stay on Budget
With a typical branch build, the contractor with the lowest bid wins the job. But then the issues begin...the project gets “value-engineered," excessive change orders push up the total the cost, end up with a transformation that isn't what you expected.
At DBSI, we believe in a transparent process. First, we design your project to fit your budget, and you pay the actual costs to build with an agreed upon profit percentage.
We leverage our best practice knowledge, minimizing common mistakes and making sub-contractors compete for your business–saving an average of 7 percent.
And if the project comes in under budget, the difference is passed on to you. We even deliver your project with a Guaranteed Maximum Price to reduce your top end risk.
Get More for Less
After construction, you've got more than a branch. You've got a “Kit of Parts” for Branch Transformation. And by utilizing your kit of parts, you can save about 20-30 percent on additional branch builds.
DBSI also offers additional savings to clients that use our comprehensive services, for an average savings of $15,000 to $30,000.
Save the Day and Your Branch Transformation
Avoid creating a money-pit with your next Branch Transformation. Save time and money with a trip to the Ideation Center, the Smart Budget Tool, and more. Get in touch a Branch Transformation Strategist below for more information.