Banks are closing their branches and shifting resources to digital. That is the prevailing narrative in the financial services industry. Given cost pressures, the Covid-19 pandemic, and changing customer habits, it is certainly not surprising that branches are a primary cost-cutting target of COO’s all around the globe.
But while the bank branch is certainly declining in importance to banking success, it has not become obsolete. Everyone - from legacy institutions to mid-sized banks to new arrivals - is striving to find the right mix between physical and digital offerings. This has led to financial institutions maintaining a physical presence in original and innovative ways.
Before considering the newest iterations of the bank branch, let us first examine a changing landscape that is leading to a transformed approach.
