By Demitry Estrin, Managing Director, Financial Services Practice

Changing patterns in retail banking and the continuing integration of merged banks have resulted in regular updates and transformations of our local branches and retail banking groups. Creating these new branch environments is a complex undertaking and a major financial investment. Vision Critical’s Financial Services Practice has developed a virtual retail bank environment which is a completely new way of testing layout concepts, positioning of key elements like greeters and tellers, and other visual cues like posters, signage and video screens.

Using many of the same tools and concepts currently used by retailers and CPG manufacturers for virtual shelf sets and retail store environments, this virtual bank branch holds flexible design variables to measure different aspects of branch appeal and usability. Virtual environments have delivered traditional store retailers an accurate representation of shopper behavior with virtual results comparable to traditional methods of consumer research. They are a much faster and more cost-efficient alternative to conventional in-store field tests. The new virtual bank branch combines robust qualitative and quantitative research design with an interactive online environment for collecting accurate and reliable data on consumer experience and preferences.

Virtual Branch Environment

The 3D visualization recreates the branch entrance and multiple versions of interior layouts and messaging to be tested within. Virtual branch respondents are asked to interact with the bank branch environment during a structured virtual tour or “fly-through” where there route is already mapped out through the retail branch location. The bank’s branch design teams can structure multiple iterations of the fly-through changing messaging design and display elements. Respondent feedback allows banks to assess, validate and optimize several possible marketing or architectural design executions during a single study.

Each tour is followed by targeted research questions. Respondents can also interact with the environment during the tour, typically through click-map activity where respondents click on elements of the design that draw their attention most.

Customizing The Retail Bank Experience

Banks have made enormous investments in their branch networks over the years, but shifting market dynamics drive continuous reassessment of branch management and layout. The emergence of other channels, such as web and mobile, coupled with fewer branch transactions, influence the evolution of “next generation” branches. Efficient branch redesign can not only help improve the customer experience but increase cost productivity, improve flexibility and better connect the customer with their brand creating greater brand loyalty.

As many banks move from formats that focus on teller lines and transactions to “concierge” models that allow bank employees to greet customers and direct them to the areas of greater opportunity for the bank, Vision Critical’s Virtual Bank Branch Design test allows the marketer to test all possible designs and messaging tactics before any investment is made in costly re-fit programs.