Star Tribune, July 3, 2021, Digital banking at U.S. Bank sped up during pandemic
The bank’s customers are now where executives expected them to be in five years with digital technology. One result: the company closed more branches than it planned before the pandemic.
In February 2020, U.S. Bancorp executives gathered in Reno, Nev., to discuss the future of banking, including how quickly they expected digital services to evolve.
Then the coronavirus pandemic came along, forcing them and other bankers to curtail branch activities and sparking a new burst in digital banking.
Last year, the advocacy group National Community Reinvestment Coalition raised concerns about this trend after tallying up more than 13,000 closures, or 14% of all branches, between 2008 and 2020. It issued a report that noted that such closures often disproportionately impact rural, low-income, and minority communities where few branches might have existed in the first place.