Member Exclusive, New banks

‘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.
close

Email a Friend

‘Same standard materials, but a different finish’: How bank branches are evolving in the era of Covid

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. 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “‘Same standard materials, but a different finish’: How bank branches are evolving in the era of Covid”

New banks

Cheat Sheet: Google to launch virtual Google Pay card

  • Google Pay users will be able to spend their balances using a virtual card.
  • In addition to Google's plans to launch bank accounts, this move solidifies Google as an important player in digital finance.
Zachary Miller | July 29, 2021
New banks

Acorns automatically jacks-up fees on subscribers paying $1 per month

  • Acorns is approaching going public via a SPAC.
  • The firm recently told customers in its lowest subscription tier that it was raising their fees by 3x.
Zachary Miller | July 28, 2021
New banks

Midwest BankCentre shows how community banks can compete with new players

  • Midwest BankCentre launched Rising Bank to grow its deposits by $200 million in two years.
  • Embedded finance is expected to generate about $230 billion in revenue over the next five years.
Shehzil Zahid | July 21, 2021
New banks

Remitly targets U.S. immigrants with new banking features in its Passbook app

  • Remitly has launched several new digital banking features in its Passbook app.
  • Features include early access to pay, instant P2P payments, and immediate Visa debit card access.
Ismail Umar | July 12, 2021
New banks

Family matters with Family Money: Verizon’s new financial app for kids

  • Family Money is a financial literacy app for kids aged 8-17
  • The app fits in with Verizon’s other family-focused products and services.
Shehzil Zahid | July 01, 2021
More Articles