Banking Briefing: All about branches
- In a world of Web2s, Web3s, and Web-what-have-yous, a bank’s physical presence can almost feel passé.
- But despite their decline in numbers, branches still very much play a role in banks’ success – from improving accessibility to getting in front of more consumers’ eyes.
Six months ago, the Financial Times published an article with the quote, ‘I’m old, not an idiot’ in the title.
The quote comes from the name of a petition launched by Carlos San Juan, a Spanish man in his late 70s. The petition urged banks to stop closing down branches.
Last year, bank branch shuttering increased by 38% compared to the year before, according to research by S&P Global Market Intelligence. The rise seems to be correlated with the usual – Covid making people more mobile-first in their banking habits, and banks marching forth with their digital transformation plans.
Still, lots of people are raising eyebrows at these changes, including San Juan.
Branches play a major role in accessibility – for example, for people in their seventies and eighties.
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