Un-bank the bank

Economic development, coupled with the gentrification of communities has led to the lack of affordable housing in recent years. Government policies are geared toward providing temporary solutions such as concentrated, highdensity affordable housing clusters in urban areas; however, these efforts often ignore access to basic support services that are critical to living successfully and creating equitable communities. These support services include grocery stores, mobility programs for families such as child and elder care, and workforce training programs closer to housing.

In this article, we will explore how to raise standards of living in affordable housing communities by elevating the supporting service sector, such as banking through regenerative design philosophies. A reimagined bank in these communities can be a conduit for providing social justice opportunities and improving standards of living.

Un-bank the bank:

A quick cluster-mapping study of areas around affordable housing communities shows there are fewer banking opportunities and more check cashing facilities. Historically, neighborhoods of color, especially African American and Hispanic communities, have faced significant housing challenges due to racial disparities and gentrification. Research shows that, generally, people living below the poverty line are intimidated by the banking business because a lack of financial education and awareness pushes them further away from financial well-being. How can a regenerative design philosophy — achieving a successful balance between environmental, economic, and human factors — help us to create resilient and socially equitable communities through banking?

The first step is to un-bank the bank by integrating experiential design with financial literacy guidelines.

By intentionally creating a space that people can enter without traditional banking intentions, we are able to carefully craft flexible spaces that remove intimidation in active and passive conversations. Considerations can include opening conference rooms to engage families in goal setting and help them implement accountable financial behavior changes. Immersive and meaningful experiences can make the bank a community hub, providing a learning environment for high school students or a co-working space for adults with free internet service. While the main intention of the space is not geared toward aggressively marketed banking, the flexible spaces that encourage positive financial and fiscal behavior allow the bank to incorporate education creatively. For example, after a session on “What to expect when you adopt a pet from a shelter,” a banker can step in to conclude the event with education on building credit or incorporate education on savings for newly employed high school students. Co-working spaces can transform into microlending hubs to promote entrepreneurship. The opportunities that the space can bring to engage the community while providing financial education are endless.

Above: Axonometric view of reimagined conceptual banking space

While experiential design provides engaging educational spaces, factual knowledge in and of itself is not enough to drive behavior or behavioral change.

For continued behavioral change and engagement, sustainable banking spaces geared toward focused conversations are necessary. A formal setting for small businesses to go over expense reporting and tax documentation, a roundtable setting for financial rethinks, a warm outdoor setting for family engagement, as well as planned check-ins with a banker, without the intimidation of bandit barriers, will create an interactive and collaborative atmosphere. In addition, casual support services at a coffee bar can be supported by formal services within a private office.

The nature of the banking business is such that safety needs to be integrated into the design at every step. By removing bandit bars and queue stanchions, the formality of visual safety barriers will be dismantled, but a rolling metal gate at the formal spaces and back-of-house will cordon the area when not in use. Security protocols such as a direct line of vision from the banking space, ATMs in safer corners, and privacy film at private spaces will help prevent crime through design.

One of the biggest challenges financial institutions face in implementing community-based financial services is quantifying short-term returns on investments. In a society progressing toward cashless transactions, communities cannot be left without traditional financial services. An open-minded approach to brand the services based on demographics, rather than implementing a universal solution, will help create an effective solution to positively benefit the society.

Personalized and community-based approaches, coupled with supportive architecture and design, will help create flexible solutions. When the relationship between architecture and service extends beyond the walls of a building, the environmental, social, economic, and physical health of the community is strengthened, creating a resilient fabric of trust.

Meghana Joshi, AIA, NOMA

Joshi is a senior project manager at Little Newport Beach. She is focused on retail and mixed-use projects. She is director of equity, diversity, justice, and inclusion at AIA Orange County and director of outreach at SoCal NOMA for Project Pipeline.

Ashley Spinks, AIA

Spinks is a senior project architect at Little (NC). Spinks, is focused on projects that fuse typological redefinitions and environmentally conscious design with leading-edge technology and innovation.