Wells Fargo (WFC) is revamping its store concept, focusing on a new neighborhood store that is smaller and more tech-focused.
Wells Fargo [stock"> said the new store prototype is approximately 1,000 square feet and offers paperless, secure workflow as well as wireless technology.
"With this new store concept, we’ll be able to offer person to person sales and service along with leading banking technology in settings that previously would have discouraged us from building a store," said Jonathan Velline, head of Wells Fargo ATM banking and store strategy.
He continued, "Stores are central to our strategy of providing excellent service and meeting our customers’ financial needs. This new neighborhood bank concept complements our traditional stores to help us bring the Wells Fargo store experience to more customers."
Previously, stores typically fell between 3,000 and 4,000 square feet. In the new design, wireless tablets and phones are available so team members can better serve customers. The stores also will feature free wireless hotspots.
After hours, the store will transform into a smaller lobby format, giving customers 24/7 access to several ATMs.
The first store is scheduled to open in the NoMa neighborhood of Washington, D.C.