There’s an interesting disconnect in banking today. Financial institutions have spent big bucks and years of work expanding access beyond the traditional branch, yet many consumers still judge a bank or credit union’s convenience by what they see on the street (or on their financial institution’s website).
That can put community banks and credit unions at a disadvantage. Why?
Because regional institution might have 15 branches, but its account holders could also have access to hundreds or thousands of surcharge-free ATMs. A credit union may participate in a shared branching network, operate ITMs in several communities, and offer services though retail locations or other partnerships. On paper, those institutions have built substantial physical access networks.
But their account holders and local communities could be completely unaware – simply because the REAL level of access isn’t readily visible.
Your footprint and your perceived footprint aren’t always the same
Ask someone how convenient their financial institution is, and they probably aren’t thinking about network strategy. They’re thinking about a much simpler question: “Can I get what I need without going out of my way?” That makes perception important.
A consumer comparing a community bank with a much larger national competitor may assume the larger institution offers better physical access simply because its name appears on more buildings. If the community bank participates in a surcharge-free ATM network, however, the reality could be very different.
The same problem can exist with current account holders. Someone who doesn’t realize there is a surcharge-free ATM near their workplace may drive to a branch instead. Another person traveling outside the institution’s immediate market may pay an unnecessary ATM fee because they don’t know they have network access nearby.
Those aren’t failures of the physical network. They’re failures of visibility.
You’ve already paid for the access. Get more value from it.
Financial institutions invest heavily in convenience. Branches require real estate, employees, technology, security, and ongoing operating expenses. ATMs and ITMs represent another capital and operating investment. Participation in surcharge-free ATM and shared branching networks aren’t free, either.
If account holders can’t easily discover those resources, the institution isn’t realizing the full value of what it has built. But that could be easily remedied with a simple change…implementing a modern branch and ATM locator.
Rather than showing only institution-owned branches and ATMs, a modern locator can easily present consumers with a much broader view of where and how they can interact with their financial institution.
Wave2, for example, can incorporate an institution’s own branches and ATMs alongside surcharge-free network ATMs, shared branches, retail placements, and other locations…all within the same locator experience across digital platforms.
Even better, the locator makes sure your locations are available for indexing by search engines and AI search. That means consumers see the network that is actually available to them, rather than only the portion carrying the institution’s name.
Rather than a simple listing with a map, the locator becomes a way to make existing infrastructure and partnerships more visible and, potentially, more valuable.
Convenience is partly a communications problem
Financial institutions spend plenty of time thinking about where they should add a branch, install an ATM or expand service. Those are important decisions. But before investing in additional physical access, there is another question worth asking, “Do people understand the access we already provide?”
Imagine two institutions serving the same market. Institution A operates more proprietary locations. Institution B has fewer of its own locations but combines them with a substantial surcharge-free ATM network and other access points.
If Institution B communicates that network effectively, the consumers begin to understand that the convenience they offer is much larger than a simple branch count.
That can be particularly important for community financial institutions competing against national brands. You don’t have to own a bunch of buildings or have an ATM on every corner to give account holders convenient access. You do, however, have to make that access publicly known and easy to find.
Make your real network visible
There’s a tendency to evaluate branch and ATM locators by asking whether they successfully provide directions. But what they should really be doing is accurately representing the reach of your institution.
The Wave2 Branch & ATM locator brings those access points together in a mobile-responsive, accessible experience that can be integrated into your website, mobile application, and online banking.
Your financial institution may already be more convenient than consumers realize. Make sure they can see it.
Contact Wave2 to find out more about how you can make your financial institution’s convenience more accessible today!
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Wave2 Contact:
Jason Green, Co-Founder
jgreen@wave2.io
Schedule a Demonstration & Discussion
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