This news may perk up some Chase customers. The bank opened its first hybrid branch with a coffee shop on Tuesday. And it’s only a few blocks away from Capital One’s flagship location, which has a Peet’s Coffee on the lower level.
“Even if people aren’t using them to do lots of banking, they can provide a lot of brand and marketing value,” says Adam Stockton, director of consumer pricing at Novantas.
The new Chase location in New York, which coincidentally used to house a cafe with the bank’s namesake, is right near Union Square.
“They tend to be in highly visible locations that get a lot of foot traffic,” Stockton says.
These locations are about more than just banking and coffee. Stockton says they create brand and awareness value.