‘Same standard materials, but a different finish’: How bank branches are evolving in the era of Covid
- Bank branches aren’t disappearing anytime soon.
- Instead, they’re evolving to serve more purposes.
The pandemic has shifted consumer behavior in many ways, including how we bank. With the increase of online banking and greater openness to digital solutions, it looks as if bank branches are on their way out.
Over 4,400 bank branches were shut down between 2017-2020. And on June 30, 2020, there were 81,586 open branches in the US, a 1,253 drop compared to the same time last year.
HSBC and TD Bank are each planning on closing over 80 branches this year. And U.S. Bank is closing 400 branches.
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