American Banker, June 18, 2021, BankThink Bank branches on the verge of extinction? Not anytime soon
Over the years, technological advancements have brought about advantages and opportunities for a variety of businesses. The way we stream entertainment, shop for nearly anything and pay for those goods and services has changed thanks to digitization, and banks are among those most impacted by shifts in consumer habits.
For example, according to analysis by the National Community Reinvestment Coalition, the U.S. saw a 5.13% loss of bank branches across the country from 2017 through the third quarter of 2020. With COVID-19 accelerating interest in digital banking services, consolidation within the banking industry and near-zero interest rates exerting pressure on banks’ bottom lines, 2021 is likely to be yet another big year for branch closures.
