North Star Prototype Branches
Revolutionize Your Design Process to Increase Satisfaction and Drive Results
The pandemic accelerated online tool usage among financial consumers, prompting institutions to reevaluate the value and cost of retail branch networks. Despite closures and consolidation, recent industry reports show major banks investing in branches post-pandemic, reflecting continued consumer demand for physical locations. To adapt to evolving consumer needs and behaviors, financial institutions must strategically invest in prototype branches to test and implement new strategies, products, and technologies, enhancing consumer experiences and operational efficiencies across their retail networks. Traditionally centered on expanding to new locations, prototype branches can now be integrated into existing branch networks through renovations and refreshes, as well as packaged into a kit for use in acquired branches.
Design and Functionality
Prototype branches are essential for financial institutions to establish a consistent and uniform branded presence across their retail branch network. Also known as “North Star” branches, they represent the optimal design to serve all stakeholders and communicate the institution’s brand. By creating a standardized design and layout in these prototype locations, financial institutions can streamline the rollout of new branches and incorporate elements into the existing network to communicate their brand and values. This approach enables the efficient replication of successful features like signage, interior design, and consumer service features. Prototype branches can also function as experimental banking locations to test new ideas, layouts, and technologies before wider implementation. These branches often showcase cutting-edge design elements, advanced technologies, and consumer-centric services. By creating controlled “Experience Zones,” financial institutions can gather valuable insights into consumer behavior and preferences, enhancing brand recognition and loyalty while optimizing return on investment. Leveraging insights from prototype branches allows institutions to adapt and refine strategies quickly, ensuring operational goals are met while consistently resonating with consumers.
North Star prototype branches showcase cutting-edge design elements, advanced technologies, and consumer-centric services.
The Benefits of Prototyping
The banking industry is rapidly changing due to digital tools, shifting consumer behaviors, and increased competition. Consumers now demand personalized experiences that combine digital and physical interactions. Likewise, staff are more concerned with the work environment, including safety, privacy, sound and light moderation. To meet these expectations and maintain efficiency, financial institutions must adapt their retail networks. Prototype branches are key in this evolution, to test innovative concepts that improve consumer engagement, operational efficiency, and staff experience. They serve as a platform for trying new technologies, like interactive kiosks to assess the impact on consumer satisfaction and operational workflows.
Prototype branches offer a forward-thinking approach to retail network optimization and can increase both consumer and staff satisfaction. Survey data shows prototype-based builds and renovations can increase consumer and staff satisfaction by 80%, leading to referrals, increased deposits, and loan business. By prioritizing the consumer experience and embracing innovation, financial institutions can create environments that meet current demands and anticipate future trends. The insights from these experimental spaces will shape the future of banking, keeping financial institutions competitive in a digital world.
Key Features of Prototype Branches
Prioritizes the consumer experience with open layouts, comfortable seating, and collaborative spaces, fostering interaction between consumers and staff.
Showcases cutting-edge banking technologies like mobile apps, digital signage, and advanced ATMs, streamlining transactions for more convenience.
Allows institutions to be adaptable and adjust layouts and services based on feedback and trends to meet evolving consumer needs.
Use analytics and feedback mechanisms to gather consumer data, refining services and informing future branch designs.
Enables experimenting with staffing models and service delivery in prototype branches which can lead to more efficient operations and cost savings.
Serves as a design template for new locations, with elements applicable to existing branches and rollout kits for acquired locations.
Let's Discuss Designing Your North Star
We are able to provide quality and creativity through our unique data analysis, design, and construction management process. Let’s start a conversation about your strategic goals, facility needs, and consumer and staff experience.
