Brick and mortar branches are in the hot seat as every year the number of closings exceed the number of openings. But does this mean that branches are on the chopping block? Not at all. In fact, branches have a lot of value, but they need to be reevaluated and designed to cater to the new needs of members.
Consumers also have different expectations about branches’ look and feel based on what they see each day at places such as coffee shops, hotels, and fast food restaurants.
“All of these places have upgraded their look, feel, and function,” says John W. Smith, CEO of DBSI Inc., which provides branch design and other services. “So, if I go into my credit union—where I have my financial assets—and it’s cold, stale, and boring, I’m not getting the right feel. That’s why a lot of branch transformation is taking place today.”
Read more about how to transform your branch to fit the needs of today’s consumer.