If banks can’t remove branches quickly because of political opposition, or leases delay closures, those spaces could be used differently. During the pandemic, local staff were redeployed to offer remote advice. In the future, the investment banker who’s no longer going into the city-center skyscraper might use that suburban branch office instead. Banks have been experimenting for a while with different branch formats, from micro outlets to cafe-style venues.
The need for lenders to accelerate their adoption of technology is hardly new, but it’s even more pressing now. Banks should seize on what they’ve learned over these past few months.
This article provided by Bloomberg News.