Channels

10:26 AM
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

Wells Fargo's Vision of the Branch of the Future

The bank is opening the first of what it calls the "neighborhood format" of store in Washington D.C.

Wells Fargo today announced the opening of the first of what it says will be a new bank branch format.

The "neighborhood bank format," as Wells Fargo describes it, is approximately 1,000 square feet -- about a third of the size of a typical Wells Fargo branch -- that will offer personalized service in settings not suitable for its larger stores. The first store using the new design will open in Washington, D.C. on April 15th.

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, including in private.

It also will have wireless tablets and phones that team members will use to serve customers, while a free wireless hotspot will also be available for customers to use. After hours, the store transitions into a smaller lobby format, providing customer’s access to several ATMs that dispense $1, $5 and $100 bills in addition to the $20 bills a typical ATM offers, the bank said. Additionally, Wells Fargo claimed the new stores will feature technology that allows for the elimination of paper-driven back-office processes.

"With this new store concept, we’ll be able to offer person to person sales and service along with leading banking technology in settings that previously would have discouraged us from building a store," said Jonathan Velline, head of Wells Fargo ATM Banking and Store Strategy, in a written statement. "Stores are central to our strategy of providing excellent service and meeting our customers’ financial needs. This new neighborhood bank concept complements our traditional stores to help us bring the Wells Fargo store experience to more customers."

[See Also: What Will the Branch of the Future Look Like?]

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

Comment  | 
Print  | 
More Insights
Comments
Threaded  |  Newest First  |  Oldest First
Cara Latham
50%
50%
Cara Latham,
User Rank: Apprentice
4/14/2013 | 7:44:04 PM
re: Wells Fargo's Vision of the Branch of the Future
I love the new idea for the ATM that offers $1 and $5. I understand the reasoning behind the $20 offered at traditional ATMs ($10 in some places), but I always hated being forced to take out more than I needed to because I had to withdraw money in $20 increments. Now, when I am at the store, see an item for $12, and need to run to the ATM, I can take out $13 or $14 and be safe G and avoid spending a full $20 that I otherwise wouldn't spend.
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video
Bank Systems & Technology Radio