Wells Fargo & Co. has disclosed it has completed the closure of 20 more branches — none in North Carolina — according to its latest report to the U.S. Office of the Comptroller of the Currency.
https://journalnow.com/news/local/business/wells-fargo-completes-closure-of-20-banks-nationally/article_56902560-8276-11ee-a01c-1b7bd60b14ff.html
@tsf+1pAg3fQq Our Asian partners have embraced mobile banking and have shown us that we need to adapt to the changing times. A long time ago they shucked off the organized bank (an imperialistic British invention) and are several generations into banking online via the phone. The "business execution consultants" that the "firm" hired have proved to be useless. They neither developed a product nor a process and thus had nothing to execute (other than try to "fix" the chaos you described)
OP,
20 banks have closed?
Nice job Einstein.
Branches are dying alongside the core demographic that still uses them.
So, I thought this was common knowledge. WF is going to continue to close branches, at a clip of approximately 30 per month. Branches slated for closure are scheduled through December 2024. And as for branch staffing, which is already inadequate will not get any better. Hold onto your hats in Q1 2024. Heard it here first.
Are branches really so obsolete? Phone bank does nothing but send customer’s into the branch for “being unable to authenticate” or outright lying to say the customer didn’t want to process lost/stolen transfers over the phone. Can’t open joint accounts online because of technology issues, near impossible for businesses to do the same. Constant CIP errors and misinformation/guidance regarding business account holders documentation, profile of errors. Fraud is so prevalent customers must come into the branch to verify their identities for a banker to sit on the phone for over an hour with our own banker support channels (fraud, online banking, whatever department were transferred to). Only debit card claims able to be filed online-everything else is up to the customer that 9/10 times wants someone in branch to handle it anyway just to once again make a phone call. Branches are just so understaffed and constantly closing to help the bottom line. I agree with a consolidation of sorts but staffing DOES NOT support the actual needs of customers. We see the trend and the numbers but Wells Fargo chooses to ignore the reality. They’re attempting to force the way customers do their banking and customers are not happy. If it was a smooth running machine, maybe it would work out better. But it’s not.
It's amazing that the banks are just coming to the realization that branches are going the way of the buggy whip. Branches are no longer needed since all transactions can now be processed via iPhone, iPad, etc. All the branches are huge drains on the bank bottom line so is it any wonder why they are closing them?
Handwriting is on the wall.
They're just 🌟💫✨Chicago bound✨💫🌟