first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Pros, cons and costs of teller pods and other cabinetryby: Paul Siebert, CMCBranches, which present the face of every credit union’s brand experience, are being repurposed from process centers to knowledge centers. This evolution is changing the way branches are located, planned, staffed, and operated. New performance metrics for existing and new locations are focused on cost reduction and increased growth, target market share and return on investment. The costs associated with developing these new branch business models and prototypes are changing as well.A significant cost component in branch transformation is the fixtures/cabinet work. This includes the teller line or teller pods, concierge position, engagement tables, conference tables, general cabinetry and other items. The cost of constructing a 2,500-square-foot neighborhood financial center in a leased space with no drive-up averages $450,000 to $750,00 depending on the staffing plan, target market and performance objectives, technology integration, and fit and finish. The cost of casework ranges from $65,000 to $90,000 depending on quality, design sophistication and number of rollouts.When credit unions bid this work to general contractors, they often see a 10 percent to 25 percent range in costs. The reason for this difference is quality and how busy the millwork (woodwork) firm is on other projects.Quality is a huge concern. The branch design firm should be designing and specifying to a level that matches the brand experience objectives and target market expectations. For example, a credit union looking to attract and gain wallet share in an upper middle, mass affluent and emerging wealthy market must typically spend more for its branch in total, and for millwork specifically, than a credit union focused on lower- and middle-income consumers. continue reading »last_img

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