Inside the New Financial Institution Workspace Driven by the Workforce of Tomorrow
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We are always looking to add talented, forward-thinking innovators to our team. If that sounds like you, you should apply for a role with us.
We are always looking to add talented, forward-thinking innovators to our team. If that sounds like you, you should apply for a role with us.
4 min read
Bruce Allen Eastwood : 11/10/21 6:10 PM
Well besides using our free branch scorecard (which you can download here), a good way to tell if a transformation is needed is to see if you have any of these features in your branches:
Outdated processes and technologies that are restricting efficient and retail-friendly interactions.
The modern retail branch has left these features in the dust and replaced them with better alternatives, like:
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When getting ready to take the steps toward building or transforming a branch, there are a few things to consider. Things like: why you need the branch(es) in the first place, the role they play in your network, your goals for these branches, and how you will measure the success, your budget, your ideal timeline.
The most important of all, however, and the catalyst for your entire project, is deciding upon the delivery method you will use for transformation. The Construction Industry Institute (CII) defines two widely known and accepted delivery methods as follows:
This is the most traditional process in the U.S. construction industry, where the owner contracts separately with a designer and a contractor. The design firm is hired to deliver design documents and the owner or agent then solicits bids from contractors to perform the work. Designers and contractors bear no contractual obligation to one another, and the owner bears all risks associated with the completeness of the design documents.
Under this method, an owner typically hires a single entity (like DBSI) to perform both design and construction under a single contract. Portions, or all the design and construction, may be performed by the entity or subcontracted to other companies. This method includes high levels of collaboration between the design and construction disciplines, input from multiple trades into the design, and a single entity bearing project risk.
When deciding which project delivery method is right for your branch project, you should consider:
Financial institutions who possess a strong desire to control the design and construction process and/or have the funds to hire sufficient personnel to closely manage the process of branch transformation may be more suited to the design-bid-build process, especially if they are willing to bear the risk that the design will be complete and include sufficient details for constructability and enough room for contingencies to absorb costly change orders.
On the other hand, research efforts indicate that projects completed with the design-build approach regularly outperform their design-bid-build counterparts in terms of cost and schedule performance, quality, reduced risk, change orders, and the ability to respond to real-time, evolving needs.
You probably think we’re biased, being a design-build firm and all... so we pulled some of those hard facts on why you may want to consider going with the design-build approach.
A Construction Industry Institute (CII) study of projects submitted by both owners and contractors stated, “Owner-submitted design-build projects outperformed design-bid-build projects in cost, schedule, changes, rework and practice use.” Practice use factors include constructability, team building, zero accident technique, design/information technology use, and change performance.
And in terms of schedule, another CII study indicated that “An experienced design-build team has the greatest opportunity of succeeding in achieving goals in schedule maintenance, construction speed, and intensity.”
Nobody’s website is going to say, “we do a really bad job transforming branches” which means that you need to do your research before hiring a firm, whether that be a design-build firm or separate vendors for the design-bid-build approach.
We recommend starting with an interview, where you can get all the answers you need to pick the right partner. Some questions to consider asking:
We’re not saying that every other firm is wrong for you, but we are saying that DBSI is the smart choice. Why? Because we take Design-Build to a new level with our simplified 6d process.
Learn more about this approach in this downloadable guide, 6d for Dummies! And no, we don't think you're a dummy... we just really love fun themes!
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