Network Transformation and The Update Cycle
At NewGround, we help our clients envision the future for their branch networks. Rapidly-evolving consumer needs and technology make this a perennial strategic concern. In fact, most banks and credit unions have a building update cycle in the 5-10 year range. Financial institutions with multiple branches need to regularly address update concerns across their entire network while maintaining a consistent service offering and brand.
There are many reasons for this average update cycle as we see it expressed in the market. Buildings degrade. Interior spaces that are used consistently experience deterioration at an even faster rate. Consumer-level financial technologies are always advancing. For example, increased adoption rates for remote banking services have challenged financial institutions to keep up with the convenient service channels offered by other organizations.
At its heart, branch and network transformation are all about making the necessary changes to become the branch network of the future. But what that network looks like depends entirely on your organization’s unique value proposition and consumer base.
The Central Concerns of Branch Transformation
The branch network of the future looks like your branch network, but better. Simply put, your organization should approach network transformation with a thoughtfully-crafted and agreed-upon strategy. Every change we help clients make supports that strategy and the health of their financial institutions. NewGround applies a custom, tiered approach to network transformation because we recognize that the changes your organization makes will have a direct impact on its success.
Transform Your Branch Network for Your Members and Consumers
NewGround engages in strategic research with each client to discover trends among their consumer base. We cross-reference overall market trends and discuss exciting possibilities for service delivery. We also get to the heart of what makes each brand special. What are the values your consumers look for from your brand? We ask this question because it is central to how a makeover, refresh or remodel should be planned.
NewGround helps its clients determine whether or not a rebrand is necessary. If so, we guide the strategic process, drawing upon the knowledge of our clients and our own branding expertise. From development to implementation, NewGround strengthens brands and employs attractive branded elements in the design. From there, we consider interior and exterior building needs, design possibilities, and service tech implementations that will best serve consumers.
Transform Your Branch Network for Your Staff
Talent retention is a key concern among all financial institutions. As we discussed in a recent article, workspaces have a direct impact on talent retention. Many consumer priorities, such as the condition of buildings and technologies available, are also important to the people who work in banks and credit unions. The branch network of the future embodies employee priorities as well. A happy staff will always be better equipped to deliver quality service. At NewGround, we take this seriously. As a result, we offer strategic solutions for our clients to improve talent retention and staff wellbeing.
Discover What Your Branch Network of the Future Looks Like
At NewGround, we understand that the ideal network transformation looks different for every client we work with. So, we offer four major tiers of transformation, each with a high degree of customization. There is no one-size-fits-all solution for network transformation because your consumers and staff are entirely unique! So is the brand through which your services are delivered.
Visit our page on Network Transformation to learn more about these service tiers. Or contact us to start a discussion about what the branch network of the future could look like for your financial institution. Thanks to the natural degradation of buildings, along with the rapid advancement of technology, branch transformation is always necessary.