A Branch Transformation Can Help Your Organization Deliver Consistent Value
The success of your consumer-level branch strategy depends on your organization’s ability to deliver a consistent customer experience across all your branch locations. Whether your financial institution serves clients or members, they expect you to execute the promises of your value proposition, no matter what location they visit.
Branch transformations take place when banks and credit unions assess the performance of their branches and determine a change is needed. Sometimes this occurs as a result of mergers or acquisitions. When new branches enter the network, they need to be updated and refreshed to bring the customer experience in line with your existing branches.
In the case of branch consolidation, branch transformation is needed to update your remaining branch network. The branches that remain must be able to accommodate new visitors from the branches that have closed down. In such a situation, financial institutions typically reassess and sharpen their branch strategy, using consolidation as an opportunity to improve the value and condition of their consolidated network.
When a bank or credit union identifies the need for branch transformation at more than one location, then a network transformation is needed. Network transformation takes the principles we apply to branch transformation and applies them to an overall branch network strategy.
We recognize that every financial institution has its own unique challenges, goals, and brand values. Similarly, every branch within your network plays a distinct role in how they serve your consumer base. Network transformation takes your entire family of branches into consideration. When network transformations are well-planned and executed, they offer your consumers a consistent experience, with the distinct needs of each branch in mind.
Is it Time for a Branch Transformation?
The average update cycle for banks and credit unions is five to ten years, depending on the market. Time is the ultimate determining factor for transformation. With time comes changing consumer demands, technological possibilities, and marketing strategies.
Smart financial institutions invest in their branch strategy. Arguably the most important investment that can be made is in consumer feedback. Your members and guests will tell you if your space needs an update. Carefully consider consumer feedback to identify key areas of improvement to maximize your efforts in branch transformation.
NewGround Partners with Financial Institutions for All Levels of Branch Transformation
The needs of your financial institution can’t be met by a cookie-cutter approach. That’s why NewGround partners with our clients to develop strategies and branch transformation plans that will help you deliver on your brand promise across your entire network.
Our Custom Tiered Application delivers a process that will delight your consumers across all branches, delivering a consistent representation of your brand and service offerings. You can learn more about NewGround’s Custom Tiered Application on our website. Or simply contact NewGround today at firstname.lastname@example.org.
There is no reason to wait to imagine what your branch network could look like now and in the future.