What bank & credit union branches must look like in 2022 and beyond

Many financial institutions are completely missing the mark for what customers want from their local branches. The solutions aren't far away, however. A group of branch strategy and design experts tackle what a state-of-the-art branch needs to have.

Traditional financial institutions can’t (or don’t want to) close all their branches for good, even given the recent shift to digital banking. There’s a personal characteristic inherent in a financial institution’s branches that people still want that can’t be matched in a digital-only ecosystem.

The early impact of Covid-19 was a body blow to the branch channel, of course, forcing institutions to shutter their doors temporarily. And this situation — combined with an intense shift to mobile and online banking technology — motivated some financial institutions to think about shifting away from a branch-focused strategy.

However, consumers and small businesses still value their branches. Some even say that they plan to visit their branch more than 40 times this year, according to a report from EPAM Systems. So it’s crucial that financial institutions, even in today’s digital world, still prioritize their branches and re-evaluate their design.

 

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