Why Banks Should Aspire to Become Better Looking

I’ve wondered for some time now: why does an average financial services branch have to look so, well, blah?  Changing the typical doctor-inspired, brick-and-mortar branch look to a ski lodge-influenced look, for example, would instantly better the experience of a consumer frequenting the location.

I’m not alone with my stance. Umpqua Bank is a great example of a better looking bank leader, which I blogged about here and here. But there are examples of “better looking” finance shops at the community level, too. Just last week, I caught up with Matt Hames, president and chief executive of Acru, who also believes in the importance of creating a more personalized environment by better decor. First Cherokee State Bank’s wealth division Acru, for one, recently rebranded itself to adopt that philosophy.

“Life happens and money collides in those spots,” Hames says. “Money and life aren’t separated.”

That’s why Woodstock, Ga.-based Acru decided to roll out a fully operating coffee house when it opened its doors in late May.

“Coffee houses represent so much,” Hames tells Bank Innovation. “It’s just a different way of working with the public. …We will change how people think about money.”

Creating a more relaxed feel within a wealth management retail location is particularly important because consumers’ financial situations aren’t usually very pretty, and having wealth strategists digging into their details becomes an intimate endeavor, he explains.

“So many people are redefining the customer experience,” says Hames. “For Acru, what we are trying to do is define what a wealth strategist is and why they add value to someone’s life.”

And because of the Great Recession, redefining how consumers perceive their financial partners is critical, especially on the community level, he adds.

Beyond coffee, Acru is striving to change the financial image by offering its community a meeting space within its walls for free use, as well as hosting local musicians on weekends, open mic nights, and occasional informative classes, such as a tutorial on how to operate an iPad.

“The game has changed in the last several years,” he says. “The industry is so commoditized. Transactions have gone mobile.”

Though Acru’s bank branch has invested in some of those enhancements, Hames believes consumers need a more personalized experience when seeking financial advice. That need is why he also aims to multiply his wealth divisions in the Atlanta area. Though there’s no set timetable for building new locations, Hames says establishing some type of presence at a university is one idea he’s entertaining. But the designs of future branches won’t necessarily take a cue from a coffeehouse. Rather, the design will mirror what is missing from the local community. Perhaps the next location would be inspired by an ice cream parlor, for example.

“It should reflect what the community is about,” Hames says.