A bank branch that includes a retail pop-up zone, community areas for workshops and small events, a gallery wall and street art – is this the future of banking in Australia?
Bendigo Bank has introduced its new “branch of the future” concept to Sydney’s Inner West, with the Leichardt location set to provide locals “access to information, experts, technology, services and products – both from the bank and other local businesses – in ways they value”.
The newly refurbished space flips the traditional concept of a bank branch in response to changing customer and community preferences, the bank has reported.
According to Bendigo Bank’s consumer banking executive, Richard Fennell, “the new Norton Street retail space is so much more than a bank branch”.
“Bendigo Bank’s new Leichardt Branch is still considered a branch – but just not as you know it,” he continued.
“It brings together the very best of leading global retail spaces.”
“It will help enable the lifestyle goals of customers, the entrepreneurial goals of local businesses and support the aspirations of the surrounding creative communities in Sydney’s Inner West," he outlined.
It’s reported that the new branch will feature a free retail pop-up space that will be accessible to local businesses on a two-week rotational basis, as well as indoor and outdoor community areas.
An indoor and outdoor mural painted by Sydney artist Shannon Crees will also brighten up the space.
Mr Fennell noted the Leichhardt branch as “the first east coast location for Bendigo Bank’s unique branch of the future rollout and was chosen for its strong mix of community-minded residents and small businesses who will benefit from a prime retail space that can celebrate their creativity, showcase their goods and services and host meetings”.
The new Inner West offering’s opening comes after Bendigo Bank launched the first concept branch last November in Norwood, South Australia.
According to Bendigo Bank, the branch experienced a 64 per cent increase in foot traffic between January and June 2019, as well as a significant increase in business.
For Nick Carter, Bendigo Bank’s head of local banking, the new space “marks the continued evolution of [the] bank’s retail strategy”.
He commented that “retail businesses are navigating this new world and need to move at lightning speed to keep up with customer expectations”.
“We recognise that as a business, we play a huge role in strengthening the communities in which we operate, but we also understand that it’s companies that respond quickly to customer needs – especially convenience, experience, intelligence and personalisation – who will have long-term success,” Mr Carter said.
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