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Banks nationwide agree: Costly branches must evolve to accommodate modern times, but question marks remain on the how. Higher functioning ATMs, tablet-equipped employees, and video tellers are some of the ways financial institutions are testing out new branch models.
November 8 -
Umpqua CEO Raymond Davis expects banks to focus on customer service and building smaller branches in the years to come.
May 21
Banks nationwide have collectively reduced their total number of branches by 390 during the third quarter, according to data announced Monday by SNL Financial. The closings are part of an ongoing trend of banks closing more branches than they open.
Financial institutions cut the most branches in Florida, Pennsylvania and Indiana, according to the report. SunTrust Banks Inc. and Bank of America Corp. were the leaders in net closings in the quarter.
The branch reductions come amid ongoing trends of mergers and acquisitions among banks and customers increasingly transacting with their financial institutions through digital channels.
To accommodate these trends, banks have been testing out new
The data also found that JPMorgan Chase & Co and ST Financial Group topped the list of banks that opened more branches than they closed during the quarter.
