News
New study sizes up FIs' branch remodeling plans
Digital marketing solutions provider Codigo has released its second annual study examining branch remodeling plans and solutions nationwide.
November 12, 2015
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Codigo, a Louisville, Kentucky-based provider of digital marketing solutions, has released results of a new study examining trends in branch remodeling projects by banks and credit unions.
The company's second annual edition of the study provides a snapshot of branch strategies for more than 250 financial institutions in the U.S., according to the company's blog.
Among the study's findings:
- more than half (51 percent) of FIs are doing some type of branch remodeling this year, an increase of 24 percent from 2014;
- 70 percent of respondents said they would be remodeling just one or two branches — only 5 percent intended to revamp 10 or more sites;
- 64 percent of those conducting remodels were doing so in order to improve the customer experience, while 14 percent wanted to improve branch profitability, and 5 percent just wanted to freshen up the facility;
- in contrast with 2014, when nearly half (49 percent) of remodels involved a branch downsizing, 94 percent in this year's study maintained existing square footage;
- of FIs that were downsizing branches, 86 percent said the new footprint would occupy less than 2,000 square feet, reduced from a current average of 2116 square feet.
Respondents mentioned a variety of technologies they planned to install at remodeled branches:
- 59 percent — digital signage;
- 43 percent — tablet kiosk;
- 28 percent — overhead music;
- 28 percent — interactive kiosk;
- 27 percent — interactive teller;
- 16 percent — video wall; and
- 13 percent — video conferencing.
The report is available online for free download.
