5 minute read
UN-BANKING THE BANK
by Little
By James Farnell & Nancy Everhart
If it has been a long time since you visited your local branch bank, statistics show you’re in good company. Adoption of electronic mobile banking has resulted in a decrease in branch traffic for many financial institutions. Chelsea Groton Bank sought to combat this trend by rethinking what a bank can do for its customers - to create an environment that fosters learning, connecting and problem solving. Our resulting design is based on a sound strategy for transforming the transaction through education and mentorship towards financial well-being.
Chelsea Groton Bank, the largest mutual bank in Eastern Connecticut, found themselves in a position similar to that of many financial institutions across the country today. With the success of online banking offerings, customers are finding increasingly less value in the traditional, physical branch and were coming into the branch less often. While many branches faced closures, Chelsea Groton instead thought to embrace this shift in the industry’s landscape, and in doing so, completely transformed their Groton, CT branch into a community destination for financial wellness and empowerment. Their aim was to redefine all that a bank can be and do for people, businesses, and communities, and they knew that in order to remain relevant in today’s marketplace, their branches needed to emulate that philosophy.
Our team's approach to this repositioning project recognized the need for a comprehensive, multi-faceted strategy. The design would require a highly strategic customer experience to “un-bank the bank” and bring Chelsea Groton’s philosophy to life. Our primary challenge was that the standard branch environment and client service methodology was no longer resonating with today’s customers; it felt somewhat intimidating, and formal. We began with borrowing inspiration from that of hospitality environments and incorporated elements that translated as warm, inviting and approachable. We broke down the traditional barriers typically found in the standard branch layout, both in the literal and figurative sense, and injected adaptable functionality for a variety of uses.
The team spent months researching to identify bestin-class practices. The research resulted in the realization that customers must develop habits that reinforce the educational information provided. They learned that customers preferred face-to-face learning environments, surrounded by like-minded friends and neighbors.
Before : Teller Line
Before : Consultation
The finished space is uber-flexible, offering many options for different types of interaction. At the entry we included a station more closely resembling that of a welcoming hotel concierge desk, adjacent to a touch down area and booth seating. The teller line remained but now features seating so it is more consultative and less about the transaction. This has been welcomed by locals and encourages more shoulder-to-shoulder interaction between associates and customers. The Knowledge Library, a comfortable yet modern reading nook, provides customers with a more private space to learn about financial well-being at their own pace, and to become empowered in taking a proactive role in their financial health.
A birds-eye rendering of the concept illustrating how every inch of the 1,800sf space is used to enhance customer engagement.
A re-designed teller line that transcends the transaction.
Doubled Income Derived from Financial Services from 40% to 83%
Tripled the loan production
Improved Customer Experience Satisfaction from 57% to 98.7%
The Knowledge Bar further reinforces Chelsea Groton's educational program with a place where customers can be inspired while enjoying coffee and engage in a conversation. The sense of community and hospitality were emphasized, as we aimed to reduce the feelings of isolation and intimidation that customers can sometimes feel when it comes to the financial subject matter. Strategically placed tablets provide customers with the option of delving into a particular interest independently and can be leveraged by associates to enhance customer interface. The bank also introduced an offering of educational classes which is supported through the design of a hyper-flexible environment, where members of the community can learn about anything from savings plans to CPR. This demonstrates how the bank genuinely cares about their community; connecting customers to their brand with a sense of authenticity, ultimately customer loyalty.
The Groton branch has evolved into much more than a place for transactions, more than simply a place to deposit checks. It’s now an atmosphere that fosters learning both in and outside the parameters of finance. The finished space has yielded incredible performance results: doubled financial services income, tripled loan production and a customer experience score of 98.97 percent. By leveraging the power of design, the space feels welcoming and inviting, and at the same time, functional and adaptable. Collectively, these design elements redefine the value proposition of the traditional bank branch entirely, and make a place where associates, customers and the community feel at home.
Chelsea Groton focused solely on solving customer needs and, as a result, transformed the company, the role of its associates, the design of its financial centers, the interactive tools used, its class curriculums, the tone of voice used and its impact on the community.
Local and national competitors alike are studying this project as an example of how a customer experience process can help transform businesses and positively impact lives.
A rendering of the Knowledge Bar concept.
The Chelsea Groton Knowledge Bar and adjacent consultation rooms.
The mid-floor area converts for a variety of configurations. The rear library space provides workstations, comfortable seating & localized photography on the walls.
James Farnell, CID, FRDI, IIDA, MCSD, NCIDQ, is a Partner and Retail Practice Leader at Little and can be reached at James.Farnell@littleonline.com.
Nancy Everhart, AIA, NCARB, CDT, LEED AP BD+C, WELL AP, is a Partner and Service Retail Studio Principal at Little and can be reached at Nancy.Everhart@littleonline.com.
See more at vimeo.com/264425891
