Branch traffic will plummet in the next five years, forcing banks and credit unions to explore increasingly extreme cost-cutting measures.
While it’s true that consumers are becoming increasingly comfortable with non-traditional banking channels, branch banking isn’t going away anytime soon. Customers aren’t telling their banks that they don’t have the need for a network of physical locations…they’re telling them that they want to use them differently. It’s going to be interesting to see if banks listen to that customer feedback and act accordingly, or just continue down the path of pushing customers to low-cost/low-touch digital channels.
Read the full article at: thefinancialbrand.com