Bank branches or mobile apps? Like a lot of other people, I find myself making fewer trips to the bank because I can do so much of my banking online. If only my computer could spit out money the way an ATM does!
How common is the practice of moving your day-to-day banking from bank branches to mobile? A recent headline in the Wall Street Journal’s MoneyBeat section summed it up pretty well, “For the First Time, More Are Mobile-Banking Than Going to a Branch.” While the article focuses on mobile trends, it also reports that for “banks facing increasing competition from those online-first rivals, branches are one differentiating factor.”
I see this with our banking clients. Bank branches displaying outdoor signs are as much branding opportunities as they are product and service differentiators. Bank branches provide products and services not available online, and are essential for businesses, individuals who aren’t comfortable banking online, and customers who need to quickly cash a check or have something notarized.
To win customers away from other banking and financial institutions, banks need to stand out from the crowd as people research their options. A report by Bain & Company entitled, “The Digital Challenge to Retail Banks,” discusses the need for banks to provide services to customers “whenever, wherever and however they choose.” The value of bank branches is also highlighted in this report. “Branches are more important than ever as product showrooms and as places where customers seek expert financial advice.”
Banks that invest in building a strong brand earn the trust of their customers. To see if your bank is making the most of its branding opportunities at bank branches, look outside first. Are your signs visible and appealing from high traffic areas, nearby office buildings and shopping areas? Is your logo distinctive or does it blend into the background from a distance?
As you approach each of the bank branches, are there wayfinding signs to help customers locate parking, drive-thru windows and ATMs? Inside the branch, are teller areas, financial adviser areas and other services areas well defined? Are brochures, business cards and branded pens available for immediate use and to spread the word after customers leave the building? Check out our Brand Conversion Checklist to see a list of items that are branded by banks.
We can’t forget about the importance of personal relationships in trust building. Customers who buy more products and services from the bank become more loyal to the bank and more profitable. When employees at your bank branches get to know your customers, they can offer suggestions and help with any necessary paperwork. Can a mobile app do that?
