Banks target consumers at local shopping centers

A growing number of banks are planning to establish mini-branches in department stores in an effort to secure additional business from shoppers.

"Most banks' branch offices are designed to provide services for local communities. However, if we can expand our business to shopping centers, where people gather from different regions and occupations, more potential customers will be exposed to our services," said Wang Shu-fang (王淑芳), marketing division deputy manager at Cosmos Bank Taiwan (萬泰銀行).

According to Wang, Cosmos Bank is planning to set up a mini-bank in the new Core Pacific Mall -- which is slated to open to the public in mid November -- and will focus on personal financial services such as currency deposits and withdrawals, mutual funds and cash advance services.

Meanwhile, Chinatrust Commercial Bank (中國信託銀行) opened its second mini-bank in Tien-mu Takashimaya Department Store (大葉高島屋) last week.

"We found that during the weekend, transaction volume in our department store branch is 150 percent higher than during the week. Therefore, we regard shopping centers as a valuable market," said Lo Lien-fu (羅聯福), vice president of Chinatrust.

Lo said, the bank opened its first mini-bank in Pacific Sogo Department Store in Yungho earlier this year and decided to apply the business format to other shopping centers.