image credit: Unsplash

COVID Casts More Doubt On Future Of Bank Branches

November 20, 2020

Physical banking was already on the decline before the COVID-19 pandemic put much of the physical economy into the deep freeze for a year and left customers scrambling to digitize their day-to-day lives as much as possible and as fast as possible. Consumers were already shifting an increasing number of their account management activities to online sites and mobile apps. Fully digital neobanks with no branch locations were already on the rise and attempting to scoop mainstream banking’s customers out from under them. Big banks were already starting to prune physical branches, closing down the least active and productive and slowing their construction of new ones.