Branch banking is shifting. The culture has gone more digital. I believe in the next decade or so you won’t see more than a handful people in each respective branch. The priority is to retain the customers by giving them different avenues to complete their banking needs and then remove the employees as needed based off declining in branch transactions. What’s your opinion?
11 replies (most recent on top)
You’re going to be taking credit for Tim Berners-Lee due to being the same generation?
That... does not make a whole lot of sense.
Wait’ll I tell my dad he can take credit for ARPAnet. He’ll be tickled pink.
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LOL
You think that he boomers who invented the web, built the computers, smartphones and tablets that you’re addicted to use branches? No, we stopped going into branches outside of notaries and signing for loans in the 1970s when we invented ATMs.
“Clueless millennials” has become redundant.
@xyy "the olds" aren't the largest target market anymore. Their needs, while still being catered to as reasonable, are going to be relegated to the back seat more and more. 25% of the Boomer population is already gone, GenX (the hybrid digitals), Millenials (the first only digitials), and GenZ could care less about walking into some crusty old building just to spend 10 minutes in line to perform a function that could easily be done with a few clicks on the phone.
Like it or not, business is changing in response to their largest customer's desires.
Not everyone goes to branches very often, but there are still many that do. Stick your nose up in the air or point/laugh at "the olds" if you want, many go to branches and they collectively have a LOT of money. Servicing their needs makes sense. Doesn't mean the branch footprint needs to be as large as it is, or staffed as much as they are etc., but they are a mechanism that serves a segment of customers routinely, and the rest of us occasionally. They serve a purpose for the time being. Sure, long term the writing is on the wall for branches as they exist today, but some form of physical location will be a thing for some time.
Branches are dying, and it's a trend that won't reverse.
To the comment below about using a phone app to apply for a mortgage. This was a poor attempt at rhetoric. 'Next to the candy crush app'. Would it be better if I moved the banking icon to a different place on my phone screen? LOL. Applying digitally is just fine, whether it's 100k or 100M.
Only old folks and marginal types use branches on a regular basis. Normal people only use them for unusual transactions (large cashier's check, etc.)
The writing has been on the wall regarding branches (i.e. retail work) for a long time. If you work at a branch, it's (past) time to learn new/better job skills.
Chase has branches with self serve kiosks and one person going around with a tablet in case someone needs help. That’s where we are going, folks.
I like to vacation in Mexico, or at least I did before Covid. I go to the branch for Mexican currency. It’s the cheapest way.
In the lead up to 2000 they said the same thing, we have the internet this changes everything, new world order etc... Now they have some big tech monopolies again and, same sort of junk is said. If you want to get a million dollar mortgage though are you going to use some phone app right next to candy crush or are you showing up to a branch to dealing with someone face to face on one of the lives biggest financial decisions. There are 2 wf branches near where i live and they're stuffed full of customers, young, middle aged, old. Yeah so branches aren't going away the same way going in to see a doctor won't vanish. Once rates rise branch banking will be the new golden goose.
Most branches are operating with the minimum amount of staff since layoffs. It is the new norm
I go to a bank branch when I need a free or cheap notary public, when I receive a check that exceeds the mobile deposit limit (or app fails to read the MICR line), or I have more cash than I'm willing to put into an ATM deposit. Otherwise, what's a physical bank for?
The boomers are the only ones I know who still go to banks.