In what seems to be a growing trend among banks,
Fifth Third Bank has made some changes to its Carew Tower location, dubbing it a “micro branch." The branch has been scaled down, gone are the bank tellers, and an increased amount of the process has been automated.
“This is the way customers want to interact with us,” says Kevin Sullivan, Fifth Third’s head of distribution strategy.
While the tellers aren’t there to interact with customers, the Carew Tower location is still staffed by two personal bankers. Employees greet customers at the door and can help them throughout the entire visit whether it’s for a transaction, to open a new account or for other needs. The shift is designed to free the employee from having to manage a cash drawer and allow for a more consultative conversation.
While the Carew Tower bank is the first location to adopt the micro branch format, Fifth Third expects to have about 20 micro locations throughout its 12-state footprint by the end of 2014 (the Cincinnati-based company currently operates more than 1,300 branches).
Meanwhile, if customers do need assistance with a more complex transaction, the Fountain Square location still provides the traditional teller experience just a block away.
Fifth Third Senior PR Manager Stephanie Honan notes that, “as technology and customer demands change, we continue to review our branch design.”
“Although customers continue to migrate to mobile, online and ATM banking to service their accounts, our branches continue to play an important role in terms of sales, service and interactions with our customers,” she adds.
Currently, there are 20 other branches Fifth Third has classified as “heavily automated," but only the Carew Tower has been designated as a micro branch. They plan to monitor each location closely to understand how customers prefer to interact.
By Michael Sarason
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