Reimagining the neighborhood branch
Branch modernization puts digital at the center of the in-person experience.
For centuries, credit unions have forged relationships by establishing a physical presence in a community. Successful organizations grew by adding branches—in town squares, on busy thoroughfares and suburban developments.
With advances in self-service and digital technologies, many bank and credit union executives are reimagining the role of the branch. They’re creating experiences that blend the digital with the physical for members while providing employees with modern tools to support changing preferences.
This transformation is a welcome change as the next generations of digital natives come of age. And it’s a more complex proposition than might appear. Getting it right requires fine-tuning three critical elements.
The first is branch design, which includes things like branch size, self-service tools and the technology leveraged. The second is branch placement—reconsidering where each branch is located and why. A data-driven understanding of the market and an individual credit union’s performance in that market will shape these decisions.
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