There has been much debate in the banking industry over what the "branch of the future" will look like. Last week, Wells Fargo announced its vision of the next generation branch, which it is calling the "neighborhood format."
These branches are approximately 1,000 square feet -- about a third of the size of a typical Wells Fargo branch -- and will offer personalized service in settings not suitable for its larger stores.
Here's a look at some images of the first Wells Fargo neighborhood store that opened in Washington, D.C. in April.
1. A New Design
Here is a view of the large-screen NCR ATM that will be part of the new branch format. ATMs that dispense $1, $5 and $100 bills will be available in addition to the $20 bills a typical ATM offers.
During business hours the yellow doors behind the ATM open up, revealing a private area for customers and team members to have one-on-one financial conversations, the bank said.
2. Sales and Service Focus
The new Wells Fargo store model features wireless tablets and phones that team members are able to use to serve customers. According to Wells Fargo, the new store was designed to create areas within the store where sales associates can conduct business with customers and have financial conversations. Free wireless hotspots will also be available for customers to use.
3. Technology Driven
In addition to the customer-facing features, Wells Fargo also claims that the new stores will feature technology that allows for the elimination of paper-driven back-office processes.
The small branch size also enables the bank to build stores in locations it previously would otherwise not have considered.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio