The number of closing branches keeps increasing every year, to the point where I believe the goal is to close if not all, then at least 95 percent within the next five to ten years at the most. Is this a good business plan? I know more people are going digital, but there are still plenty of those who are illiterate in that regard and depend on branches to do their business.
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Zero branches five years from now. They will out of business.
We gotta keep those CRA branches and branches to serve business customers, but we still don’t need as many as we have right now.
I heard that Charlie asked Elon for some robotic tellers.
Could easily cut down to half or 1/3.
ATMs are limited per transaction and do not dispense crisp 100s.
Also, cashiers checks and more complex transactions will require a physical location with seasoned bankers.
Charlie said int the last town hall that we will still need a lot of branches in the future state… so expect to see all of them closed within the next few years ;)
I think the branch bank should be phased out in its current capacity. There are very few times you would need a branch bank anymore. ATMS can take checks. count cash and disburse cash. Im thinking of a facility 2-3 staff, who can notarize and do some basic admin things. Still keep safe dep boxes for those that use them.
Well, I hope not. Even though my branch cannot come up with crisp bills for Christmas, Graduations, and birthdays, it is still where our safe deposit box is..................
Branches serve a purpose that will remain for a long while. Not everyone is able to utilize personal computing devices or choose not to. ATMs have helped greatly yet can feel unsafe/exposed.
Not sure about that as they are building a brand new one where I live. It is very small but nevertheless its a new branch.