Bank of America wants to open a new branch in the North Loop — but without bank tellers on site. Instead, customers would speak to a teller via video.
The Minneapolis location would be one of just a handful of automated branches Bank of America has set up across the country, yet it may never become active. City staff members have determined that the branch is nothing more than a cluster of ATMs, which are not allowed in Minneapolis.
While the city has stuck to its interpretation, Minneapolis-based DJR Architecture, which has worked on behalf of the bank on the proposed virtual branch, will push again at the June 8 meeting of the zoning and planning committee to appeal the decision.
"The ordinance is not written to allow this evolution in retail," said Dean Dovolis, principal at DJR. "Banking is just one example of this trend. You think of gas stations, they're unmanned. And you think of 24 Hour Fitness; they have a key card, but they are unmanned."
Charlotte, N.C.-based Bank of America is rethinking how it creates branches. Just recently, the bank started to pilot advanced centers, which are automated branches that allow customers to communicate with bank staff via video conferencing for tasks ranging from securing a mortgage and planning for retirement to obtaining a car loan.
"We're also learning there is no one-size-bank-fits-all anymore, and we're continuing to innovate on the financial center model to meet the evolving needs of our clients," Lucie Fernandez, a Bank of America spokeswoman, said in a statement to the Star Tribune.
Currently, the bank has only a few advanced centers — two in Denver, one in Eagan and another in Charlotte. The bank plans to open 25 more across the country by the end of the year, Fernandez said. Over the next few years, it hopes to open more than 250 new centers and also renovate the existing branches and ATMs with new technology.
Bank of America opened a traditional branch in the skyway level of the IDS Center last year that also has teller-assisted ATMs where customers can video conference with tellers.