As a consultancy we have been working with financial services around the world since 1995 – reshaping networks, branch propositions and experiences. The focus for bigger organisations over the last few years has been on transforming legacy networks which, like high street retail, had become over spaced with too many locations.
The savings banks, building societies and credit unions though have been in a better place. With fewer more regionalised outlets their networks have not suffered the legacy of the major bank’s networks, enabling them to focus on reshaping their physical proposition and experience.
Digital channels have played a huge role in taking the pain out of day-to-day transactions and simple banking tasks.
As a result, we are seeing a renewed enthusiasm for bank branches and their potential to be positively repurposed.
From our recent work we have identified the following themes:
Digital First
Still remains the focus for many especially around transactions and migration.
Branch networks are being repurposed around this with much clearer separation of digital tools / technology for migration, simple tasks from places and spaces for deeper conversations / ability to showcase advice and expertise.
Digital Seamlessness
Branch choreography is able to be more responsible and fluid through the use of handheld devices, tablets and customers own tech.
We are currently working with a major global banking brand to reshape the network and branch purpose.
Borderless Branches
No longer are branches bound by the 4 walls of a specific location. Remote services from specialist advice to concierge and meeter-greeter services increasingly form part of an eco-system.
Example https://mworldwide.co.uk/views/redefining-community-banking-with-unblus-digital-interaction/
New Formats and Locations
Micro branches, mobile and pop-up branches and branches in shared locations offer cost effective ways to have presence where it’s needed.
We are working with a number of banks / savings banks to develop these formats as part of the overall channel mix.
Financial Wellbeing
As customers continue to migrate to other channels for transactional and simple tasks, there is a greater emphasis being placed on providing financial well-being and education. Branches are being formatted to suit different segments and products.
Example https://mworldwide.co.uk/work/financial-services/bank-of-scotland/
Multi Use Hubs
Larger locations that combine services that include corporate, private, business, central admin retail and facilities for others – such as community groups. Examples:
https://mworldwide.co.uk/work/financial-services/branch-workplace-and-clubhouse-for-arion-bank/
https://newcastle.co.uk/our-branches/monument
https://mworldwide.co.uk/work/financial-services/lloyds-bank/
Remote Services
MFDs / ATMs/ Kiosks are moving beyond the functional to have greater functionality and visual impact.
Cashless Branches
Branches in Scandinavia have been cash less for quite some time. Removing face to face teller transactions enables the experience to be reshaped and for digital first to be showcased.
https://mworldwide.co.uk/work/financial-services/showcasing-the-bank-nizwa-digital-proposition/
