In-Branch Banking Is Not Dead

Advancements in technology have made it easy to manage your money anytime, from anywhere.

But does that mean bank branches have become obsolete? Absolutely not.

“We’re at a time when you can do almost anything — from opening a new bank account to taking out a loan — without ever talking to another person,” says Jennifer Gibson, Retail Bank Director at Northwest Bank. “But that doesn’t mean you necessarily have the information you need to find what fits into your larger financial plan.”

That’s where in-person banking excels. As more and more customers manage their everyday finances using digital tools, bank branches are shifting their focus to deliver personalized advice and financial expertise.

So, what does the future of in-person banking look like? As bank leaders leverage the importance of visiting a branch for personalized advice on reaching financial goals, the branch of the future is expected to better serve modern customer needs.

In-branch banking adds a personal touch to personal finance

Managing your money can be stressful, especially if you’re not confident in your financial know-how. A branch associate or financial expert can help you better understand your options and map out your next steps — without having to spend hours and hours researching independently.

“Our customers have more resources than ever to conduct their own research online,” Gibson says. “But you don’t know what you don’t know. It’s helpful to have a trusted expert to bounce your ideas off of, who can look at your unique financial situation and offer suggestions.”

For example, a financial expert can help you make sense of the dozens of credit cards available to you, to find the one that suits your lifestyle, spending habits and preferences. With this personalized approach, you’re more likely to identify the financial tools that work for you, without paying for more products and services than you need.

Get support for major milestones, as well as everyday occasions

Personalized financial advice is especially useful as you navigate life’s transitions. So if you’re saving for a home or planning to expand for family, it’s worth stopping by a branch for financial insights and advice, Gibson says.

“We’ve seen clients go through it all: Getting married, ending a marriage, having a child, going back to school, starting a new career and more,” says Gibson. “Most of the time, life transitions are stressful enough on their own. Getting trusted financial advice not only helps you manage your money, it also helps take some financial stress off your plate.”

But you don’t need to be going through a life transition to benefit from financial advice, she explains. An in-branch expert can help you set up your first budget, build solid financial habits or explain how a 401(k) works when you start your first job.

“We can kind of be your on-ramp to adulting,” Gibson explains. “Most of us don’t learn financial literacy in school, and people often don’t want to ask their employer about their retirement plan. A financial expert can help fill in those gaps, as well as connect you to tools that will help you feel confident in your financial life.”

Finally, visiting a branch can help you create a plan to reach your next financial goal — even if it’s still far on the horizon. “If we know you want to buy a house in five years, for instance, we can take a look at your progress so far and map out a plan that will get you to where you want to be,” Gibson says.

Build a deeper relationship with your bank

If you’re not used to banking in person, it’s natural to have a few reservations. Isn’t it inconvenient to stop by a branch — not to mention kind of intimidating?

The truth is, it doesn’t have to be.

“A strong in-branch experience is all about combining technology with personalized advice,” says Gibson. “It’s not really about digital versus analog, it’s about providing technology and that human element together.”

This combined approach can mean having tablets in-branch to allow you to self-service, answer simple questions or even chat with a video teller — but also connect with an associate in person for more in-depth service when you need it. It also means having the ability to learn all about mortgages and loans with a financial expert in person, but conveniently sign your loan documents using an e-signature.

The branch of the future also represents a vibe shift from the more formal atmosphere of the past. “We’ve focused on creating a relaxed, community center-like atmosphere that helps customers feel at ease coming in to chat,” Gibson says. “You might start your visit by speaking to a member of our team in our lounge area, then take it to an office if you need more privacy. You get to set the pace and guide the conversation.”

Fitting branch visits into your financial planning

If you prefer to manage your money via online or mobile banking, you may not need to visit a branch often. However, you should consider stopping in if:

• You’re navigating a personal life transition (e.g. you’re getting married or moving out for the first time)
• You just started a new job or got a promotion
• You’re looking for help setting savings goals or following a budget
• You have a major purchase or expense coming up (e.g. buying a home, saving for college)
• You’re opening a business or looking for support to grow your business
• You have any questions about money management or your own financial wellness

We’re always here to help

The brick-and-mortar branch is still relevant today, and Northwest is reimagining our financial centers to better serve you. We’re combining technology and personalized advice to help you feel empowered in your financial life and ready to make the most of your money.

And, with 130 financial centers across New York, Pennsylvania, Ohio and Indiana, we’re in your neighborhood and ready to help you reach your financial goals.

Find a Northwest Bank financial center near you