The financial office of the future Alerus opens new, unique office in Grand Forks

By Prairie Business

Alerus recently opened a new location in Grand Forks, an office that a company leader says is the model for future Alerus financial offices.

Located at 500 DeMers Ave. in downtown, the office is 900 square feet inside the Hugo’s Pure Market grocery store. It is part of the Pure Development building, a five-story mixed-use building that fills an entire city block and includes apartments on the top four floors.

“Our space is intentionally small and designed to integrate the use of technology for daily banking transactions with personal service for expert financial guidance,” said Chris Wolf, northern valley market president for Alerus.

Because the location is unique in its utilization of technology, Wolf said it doesn’t have the same staffing requirements as a traditional bank branch. About three to four employees staff the location during operating hours, with additional employees available via video to support clients using interactive teller machines (ITMs).

Likewise, since the lobby is an open concept and includes digital workstations, there is no need for employee cubicles or individual offices. The workstations are equipped with smartphones and tablets for clients to conduct transactions and get individualized guidance through the company’s My Alerus financial planning tools. Customers can get assistance from employees as needed. Wolf said a meeting space with video conferencing capabilities is available for more in-depth discussions with financial guides and specialists.

One of the most exciting features of the new office, he said, are its ITMs, which he describes as “super ATMs.”

“In addition to getting cash and checking balances like you would at a typical ATM, these machines can be used to make cash or check deposits, make loan payments, transfer money between accounts, and other transactions,” Wolf said. “They are a convenient, contactless way for small businesses and individuals to bank, and they will become much more commonly seen in the coming years.”

Technology is a critical component in today’s banking. Online banking and mobile apps make it easy to conduct daily banking transactions and reduce the need for in-person visits. What Wolf said people and businesses need help with is planning – making decisions for retirement, financing, setting up retirement plans for employees, managing debt.

“That’s where we can add value, and that’s our model for the future: providing clients with the technology they prefer for daily banking and in-person, expert guidance to help them be financially successful,” he said.

“This was our model before the pandemic, but the pandemic really shined a spotlight on the need for individualized guidance. Many people suddenly realized they were underprepared for a financial emergency, leading to a spike in interest for emergency savings accounts, debt management assistance, and long-term financial planning.

Wolf said the company’s financial planning tool allows users to evaluate where they’re at in areas such as emergency savings, debt management, and retirement planning. They can set attainable goals to help them become more financially secure.

“On the business side, there is tremendous demand for retirement and benefits plans for employees,” he said. “This is driven by a desire by employers to help their employees become more financially secure for the long term combined with the incredibly competitive job market and a need to attract and retain talent.”

As for challenges in the industry, there are those, too. Trent Stone, owner of Stone Group Architects in Sioux Falls, said the biggest has to do with supply and demand.

“We’ve actually been asked to do a bunch of emergency response projects, COVID isolation units,” Stone said. But with a tightening supply chain, it’s been tough to get needed materials. “Salt Lake City, Omaha City, St. Louis, Kansas City, Sioux Falls, Fargo, Minneapolis – they all ask the same question: how quickly could we have a COVID isolation unit put together?”

Answer: Not quickly enough.

“I would say the biggest trend that we’re seeing right now is just a slowdown of delivery of raw material and increased cost of raw materials and labor,” he said.

Stone also said his field, like other industries, has been impacted by workforce challenges.

“Finding good people is a challenge probably everywhere,” he said. “I think we’ll probably start to come back to a quasi-normal if we end up going back to a little more stable environment, but our industry right now is just swamped. Everybody and their brother is trying to do something. We’re pretty fortunate right now to be able to pick what projects we want instead of every one that comes in the door.”

As the pandemic continues to evolve, so do the architecture and design fields.

Altman, of Architecture Incorporated, shared his perspective on that: Sure, the current times have brought some challenges to his field, especially as it relates to the supply chain, but architecture remains not only his bread and butter, but his passion.

He keeps his notebook handy, ready to scribble down any new ideas or trends as they come along.