Some financial institutions are starting to wonder if they even need have branches anymore. With fears that COVID-19 will greatly decrease their regular traffic, that new generations want to do all banking online, or that more modern competitors will continue to take over the market.
After all, it is true that the number of branches in the US decreased by more than 1,700 in the past 4 years. (Wall Street Journal analysis of federal data)
Small footprint, big impact. Micro branches are great, lower-cost ways to get closer to where your clients live, work, and through smaller, but convenient locations. Use technology to enhance the capabilities and productivity of your associates.
The hub for your brand. Establish a central point for your clients to interact with your brand and everything you have to offer, as well as a place for your employees and executive teams to congregate and work. Some combine this with their regional headquarters.
Optimize your current spaces. Decide which branches need to be downsized. Branches that have a clients seeking advisory conversations are ideal to keep open. In branches with less transaction traffic, get rid of teller lines and turn the space into Community Rooms.