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Bank traffic
InspiratiThe rise of digital banking has proposed many challenges for brick-and-mortar financial institutions, with decreased foot traffic being one of the most obvious. But mobile banking serves smaller, less complex transactions like deposits, transfers and opening accounts.
Physical banks and credit unions still provide value for their customers through loan and credit services, financial advising and other personal areas of banking. In fact, 62% of consumers prefer banks or credit unions with a physical presence rather than a digital presence only.
If you’re noticing a decrease in foot traffic at your branch locations, finding new ways to reverse that trend starts with bank architecture. Here are six ways to improve bank design and allow more traffic in your building:
- Pick the Right Branch Locationson When building a new bank or credit union, selecting the right location can feel like gambling. That's why performing a Site Selection Study is vital to determine any area's profitability. Site Selection Studies include three primary strategies for evaluating where your future branch locations should be over the next one, three and five years:
Mathematical Modeling — Utilizing mathematics to evaluate and compare sites based on statistical analysis, reasoning and more. This is similar to the model fast food chains like Arby's and Walgreens use. Mapping — Analyzing regional maps and statistics to review household density, proximity to retail, competition, traffic volume and future development. Community Drive — Developing a feel for the area to understand where and how retail growth drives the community. This includes interviewing city officials, other businesses and citizens. Other areas of bank site selection include evaluating:
Surrounding communities Household income Proximity to retail stores Accessibility Visibility image-of-modern-bank-lobby-with-self-serve-station Incorporating additional features like self-serve stations and other FinTech devices allow customers to save time when visiting your building. Interactive teller machines (ITMs) help visitors avoid long lines by providing the same service as a teller in a self-serving, automated fashion. Similarly, adding high-quality sound and TV systems can also keep customers engaged. Lastly, if you aren’t already offering free Wi-Fi for visitors, you should be.
Additional Features That Increase Foot Traffic Interactive teller machines High-quality sound and TV systems Complementary Wi-Fi Electric vehicle charging stations Coffee bars
- Co-Branding Co-branding is a strategic way to differentiate your branch locations and become a destination for more than just banking. It involves intentionally designing buildings to house multiple businesses within a shared space, creating an environment that draws customers from both businesses and creates new relationship-building opportunities.
