News

An 'ATM lobby'?: Semantics stymie plans for fully automated branch

June 8, 2017

A snag in plans to open an automated bank branch in downtown Minneapolis is providing insight into issues FIs might encounter as they seek to transform their business model in a world that's still catching up with 21st century fintech.

In February, Bank of America Bank announced plans to open an unmanned branch in downtown Minneapolis. The blueprint for the facility calls for three ATMs, a lobby with a video concierge and pair of "virtual service" rooms where customers may confer via video with a live remote banker.

The problem? City planning and zoning authorities have deemed the unstaffed branch a standalone ATM lobby, which the city outlawed years ago due to concerns about potential ATM-user muggings, according to a report by the Minneapolis Star-Tribune.

DJR Architecture, the firm behind the branch design, said it will appeal the decision at a zoning and planning committee this evening. If the appeal fails, DJR and BofA will have a final opportunity to appeal to the full city council in a future meeting.

If the appeal prevails, the branch could open this fall, the report said.