No Waiting
It all begins with an idea.
Who needs bank branches anymore? A regular topic at Financial Institution Conventions and Educational sessions across the country is the viability of branches. The bigger question in 2018 should be: “how you are leveraging the current branch space you have?”.
Bank and Credit Union branches should get smaller. The reduction of real estate and building area demands that every square foot is working harder toward a memorable retail experience.
It is about time. If your Customers or Members take the time and effort to walk into your branch you owe them your best to make the experience positive and, even, memorable. Waiting on a line, or in a comfortable chair, does not foster a meaningful experience.
Waiting areas should go away along with bulky check desks, pennies, queuing lines, and coupon booths.
How are you leveraging your retail footprint? How many bank and credit union branches place comfortable chairs and couches, flanked by attractive end tables, in prominent places in branch lobbies that are clearly intended to be “Waiting” areas?
Waiting implies not being served. Not being served is not a positive message to send to your Customers and Members. Seating is important but waiting in those seats are opportunities lost. Waiting areas send the message to your Visitors, Guests, Customers, and Members: “We are unable to serve you now and you will just have to wait”. In the 2018 electronic age of texting, instant messaging, and 24-hour information, waiting is not an option.
Waiting also includes standing in cattle queuing lines. Queuing lines send the same message: “Sorry, we can not serve you right away. You will just have to wait.” Waiting is detrimental to your brand. Waiting jokes are synonymous with the DMV but should not be for your branches.
Browsing, learning, and being entertained should replace your waiting areas. Digital media screens provide opportunities to transform a Waiting Area into a Learning area with seating. Footnote: just like the word “waiting” should be scrubbed from Branch vernacular, “TV” is also not the correct nomenclature to describe Digital Media screens. Digital Media screens provide digital content, including products and services information and TV’s offer uncontrolled Television programs. TV programs include your competitor’s advertising. Directing content directs the experience.
Real Estate developers analyze their properties in terms of leasable area and non-leasable area. Non-leasable areas are referred to as “burden spaces”. Spaces that do not provide a return on the investment are a burden to the bottom line. An efficient branch design should include experiential zones with an emphasis on activities; waiting in a comfortable chair is not an activity.
All financial institutions can learn a valuable lesson from successful, bustling retail outlets like Apple Stores. Visitors to Apple stores do not wait before they are served – they browse and play.
Waiting areas are a burden to your brand. Are you utilizing the prime real estate in your facilities for education, cross-selling, resource promotion and Community involvement? Does your space leverage your brand, foster your retail experience, and create memorable environments?
Are you waiting on your customers or are they waiting for you?