Whether you call it ‘ future-proofing,’ ‘The Bionic Bank’ or ‘The Bank of Now’, they all refer to the strategic redefinition of the physical branch. It means ensuring they meet needs of changing populations, providing centres of advice for life’s milestone moments. People want face to face service for high-value transactions like small business loans, mortgages and life insurance.
The ‘Branch of the Future’ is member-focused and can adapt to changing demographics and expectations. Overcoming the disruption in the retail financial services sector requires insight and innovative thinking. Credit Unions have much to consider as they plan for the future. The so-called Branch of the Future is not a singular response, but an integrated solution that is customer centric and community relevant for each credit union brand. We offer some thoughts on how to plan for the Branch of the Future.
For us, the Branch of the Future is more than just a change in decor. It is our understanding of the business, how to serve customers better, how to integrate technology in-branch in a customer-friendly way, and how to create high-value transactions that allows us to create a path to the Branch of the Future.
The Credit Union Journal’s Special Report on The ‘branch of the future’ highlights the necessity that credit union branch design must incorporate both high tech and high touch. To illustrate the point, the reporter spoke to Island Savings Credit Union COO, Randy Bertsch and Christopher Pollard, principal, RATIO who described some of the thought behind the Island Savings “branch of the future” concept.