Believe it or not, the banking industry can learn a thing or two from the fast food industry. How is that possible considering the vast differences between the two, you ask?
The key is relevance.
Remodeling to be relevant is a simple solution to boost sales and revenue. Attracting customers by making a restaurant (or bank) look updated—both inside and out—inherently draws new and existing customers into your space.
People want to check out the new design, amenities, and overall improved experience!
About every seven years, fast food chains remodel their restaurants. Why is that, and why should banks follow their lead?
Popular fast food chains have learned that when they remodel, people choose to dine-in rather than just hit the drive-thru. This also means that when they eat inside, they tend to spend more. Chatting, lingering, and enjoying the experience while being surrounded by more ordering options allows customers to drop more cash per visit.
Banks will also find that customers will be more likely to step foot inside the branch if it’s recently remodeled, rather than using the drive-up teller lanes or ATMs. People want to see things that are new, fresh, and inviting.
It makes sense—an inviting, attractive atmosphere is great for sales. The new, enticing environment creates an opportunity for engagement. It is no longer about transactions—it’s about interactions and meaningful encounters.
Wendy’s Senior Vice President, Abigail Pringle, told investors that their “Image Activation is more than a remodel,” but the physical redesign and renovation of select Wendy’s locations are the first things that customers will notice. Features such as fireplaces, lounge seating, flat-screen TVs, Wi-Fi, digital menu boards, wooden laminate floors, and an overall modern look have been integrated into the redesign—and have all helped increase foot traffic inside their restaurants.
Anytime a brand implements a new image in remodel, it gets customer approval.
Fast food chains are increasingly competing with “fast-casual” chains, such as Panera, Starbucks, and Chipotle—all of which offer much more sleek, upscale designs than older fast food joints. That’s why it’s important to stay relevant, banks and fast-food chains alike.
Even if the food (or banking services) you offer is the exact same, remodeling alone will make your business more memorable and stand out from a sea of competitors.
For Wendy’s, sales for these newly-renovated locations have increased more than 25%, with a rise in dining-in by 43% and driving-thru by 44%. Sleek, modern looks cause customers to want to enjoy their meal there—and that means they spend more while they are there.
New and improved experiences, environments, and engaging staff results in soaring sales. It’s banking’s time to up their game. Consumers don’t want average! Invest more in updating your design and expect a high return.