Effective Marketing Strategies: A New Way to Think about Branch Banking?

Michael Hudson
June 10, 2010 | COMMENTS

Last Friday morning my wife and I were working out with our trainer when he mentioned that his wife had interviewed at a relatively new bank in our area the previous day.

Here's what makes his comment interesting and worth sharing.

The bank was Applied Bank and the duties of the position included serving as a barista and as a back-up teller.

That's right—the main duty of the position was serving coffee to the public in the bank's Coffee Money Cafe®.

What an innovative idea and what a great way to integrate e-banking with branch banking. Just think about the potential:

• People who need help with online banking can come in with their computer, connect via the free Wi-Fi, and get on the spot assistance with the online account system
• People who need a place to connect to the Internet can stop by and have a cup of coffee while they utilize the service, and the bank builds a relationship with a potential new customer
• People who don't understand the world of online banking or who are uncertain how to approach it can stop by and get hands on personal support

The bottom line is that by using this innovative approach Applied Bank changes the game. How well it will work remains to be seen; but there is a lot to be learned from just letting the example stimulate you to think about new ways to create branches that people can connect with in non-traditional ways.

ACTION ADVICE: Consider changes you can make in your existing credit union branches to make them more user friendly from an online standpoint–online doesn't have to mean away from the credit union. Challenge your team to come up with other approaches that might change the game in your market area by improving the branch in ways others have not yet considered.

Michael Hudson works with credit unions to implement strategies, leadership programs, and culture-building programs. Reprinted with permission from his website www.creditunionstrategy.com/blog.