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How to Renovate the Old-Looking Building into a New Bank?

Modern banking concept

Minko Minev

The concept of “bank remodeling” extends far beyond the mere act of applying a fresh coat of paint to the foyer. A bank’s branch will undoubtedly appear better if it decides to replace its carpeting, tiling, flooring, and colors, but the number of loans it receives might not. In the renovation from old to new banks, they might need a teller windows to give convenience to their customers. On occasion, bankers believe it would be better to start over with a new site and building and that remodeling their current location isn’t worth it. While in particular, this may be the case, in most cases, an existing branch location possesses all the necessary components to go through a branch changeover.

Assess the Building’s Condition and Potential

The first step in transforming an old building into a bank is to thoroughly assess its current condition. It involves evaluating the structural integrity, electrical systems, plumbing, and potential hazards like asbestos or lead paint. A structural engineer can help determine what can preserved and what needs to be replaced. Additionally, assess the building’s potential by considering its location, size, and architectural features that can enhanced.

Hold onto Your Present Position

You shouldn’t give up on a fantastic bank location. If you’re already in a good place, it probably isn’t the best idea to pick up and go somewhere else. Location can make or break a bank. You should hang onto the space if there are a lot of neighboring businesses or it’s close to a shopping area. You can also avoid the time and effort involved in finding, assessing, and purchasing a new location by staying put.

Hire a Qualified Design Team

Assembling a skilled team is crucial for the success of your project. This team should include an architect experienced in commercial projects, a designer, a structural engineer, and a contractor with a proven track record. Together, they will help translate your vision into a practical design, ensuring that all aspects of the renovation meet the necessary standards.

Develop a Clear Design Concept

The design of a bank should instill a sense of confidence and professionalism. Opt for a design that balances the old building’s character with modern banking needs. Highlight architectural features like high ceilings, original woodwork, or exposed brick, and complement them with contemporary lighting, furniture, and technology. Ensure that the layout facilitates a smooth flow of customers and provides ample natural light.

Adopt New Technology

You can also incorporate better, more recent technologies by remodeling and redesigning your financial institution. Frequently, lobby designs center on functionality, with technology playing a significant role in that functionality.

The renovation must integrate advanced security systems such as surveillance cameras, alarm systems, secure vaults, and reinforced windows and doors.

Additionally, plan for safe and discreet cash handling areas and consider implementing biometric security measures for added safety. Over time, banking technology has seen significant advancements, and a branch that still uses antiquated equipment isn’t offering its customers the finest experience. Both attracting new clients and strengthening existing ones are possible with modernization.

Modern banking concept

Incorporate Technology Infrastructure

Today’s banks are technology-driven. During the renovation, ensure that the building is wired for high-speed internet and has the infrastructure to support advanced banking technology, including ATMs, online banking portals, and customer service kiosks. Make provisions for future technological upgrades as well.

Focus on Energy Efficiency and Sustainability

Incorporate energy-efficient solutions into the renovation plan to reduce operational costs and minimize environmental impact. It could include LED lighting, high-efficiency HVAC systems, and sustainable materials. Additionally, consider obtaining a LEED certification to demonstrate the bank’s commitment to sustainability.

Redistributing Wasted Space

Many of the bank owners we spoke with felt that their existing building was too small and thus needed to start a new development project. Although nobody wants to bank in a claustrophobic lobby, banks typically have lots of open space. Imagine a bank with a drive-up teller on one side of the building and a teller queue on the other. The bank can choose the Teller Windows in fresh designs to manage the queue. It lets you work with fewer staff members and conserves space. However, a bank may have a lot of empty space that was formerly devoted to antiquated technology, such as equipment for processing checks. During a remodel, such room can rearranged to enhance the client experience. It can be worth co-branding if you have any empty space. Give your tenants room if they plan to bring in non-customers. 

Create a Welcoming Interior

The interior of the bank should be welcoming and comfortable for customers. It involves choosing the right color palette, comfortable seating, and a logical arrangement of spaces. Ensure there are private areas for sensitive financial discussions, a welcoming reception area, and clear signage for ease of navigation.

Update Exterior

Remodelled from top to bottom, including the outside of a branch, it’s remarkable what may achieved. More than that, a bank’s outside can remodeled to tell a story. It includes things like new windows, siding, roofing, etc. For instance, we employed locally quarried granite on the outside of Granite Community Bank in Cold Spring, Minnesota, in a way that creates a feeling of permanency for the structure within the neighborhood. A remodeling project can incorporate any external elements like drive-thrus, parking lots, outdoor plazas with seating, and more.

Celebrate the Building’s History

Finally, while modernizing the building, find ways to celebrate its history. Preserve and highlight historical elements, incorporate local art, or create a small exhibit about the building’s past. It not only adds character to the bank but also fosters a connection with the community.

Enjoy a Reduced Project Schedule

The difference in project timeliness between a remodel and a new building project is possibly one of the advantages. It’s like having a head start on your remodel when you forgo site selection and base your project around the current building.

Making decisions is made easy during a remodel because the new design applied to an already-existing structure, which can serve as a reference. All considered, it’s crucial to keep mind that remodeling a financial institution might involve considerably more than just making cosmetic changes. A branch makeover is still possible if a bank remodel is chosen over a new construction project.