The future of branches: Meeting consumer needs

Mobile banking is now the primary way most Millennials and Gen Zers bank. And 46% of Baby Boomers are now using mobile banking since the pandemic.

Between early retirement due to COVID, a tight job market which has led to staffing shortages and the incredibly quick shift in consumer behavior, what happens to the traditional branch?

With a record reduction of 2,284 branches in 2020 alone, the result has been a sever reduction in nationwide financial access. By June of 2021, branch closures had removed services from an additional 48 geographical areas. But a mass branch closure without a back-up plan can hurt far more than it helps.

continue reading »