Flipping the future of banking

By Grace Ormsby

August 22 2019
Share

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.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

sections

most read

Most read

Age Pension increase prompts Australians to review their finances

Latest Podcast

Superannuation guarantee rate rises to 12 per cent as parental leave changes ...

Resources

There is $17.5 billion in lost and unclaimed super across ...

Borrow