AP News, June 10, 2024, Coffee, Sculptures And Financial Advice. Banks Are Trying To Make New Branches Less Intimidating
Banks such as JPMorgan Chase, Bank of America and Wells Fargo had been steadily closing branches since the 2008 financial crisis. They saw little need for their networks of thousands of physical locations when fewer Americans were entering a branch regularly for routine banking needs and ATMs had largely replaced tellers. In the branches that remained, customers often noticed threadbare carpet and well-worn office furniture and cubicles.
It seemed like the fate of the bank branch was sealed when the technological gains during the pandemic made it possible to buy a home or car without interacting physically with another human being. The U.S. banking industry is estimated to have closed roughly 4,000 branches since 2020, according to the National Community Reinvestment Coalition.
