Over the past 20 years, the location of the nearest full-service bank branch for urban consumers has remained stable at 1.5 miles and has improved for rural customers, falling from 4.6 miles to 4.3 miles, despite an increase in bank consolidation, according to a new report from the Federal Reserve Bank of Cleveland.
The most effective strategies for banks will have digital and brick-and-mortar channels working together to provide the greatest possible convenience and flexibility.
Two Wisconsin banks take extra steps to adjust their branch services.
The time is right to leverage the experiences of the past few months to make significant and sustainable changes to the branch environment.
The rise of online channels and the corresponding decline of in-branch transaction activity has led many financial institutions to reduce the scope of their branch networks in recent years. Yet amidst those trends, some of the largest banks in the U.S., many of which led the closure wave of the last decade, have announced sizable branch expansion initiatives.
By Anthony Burnett
By Keith Brannan
By Deb Stewart
Chris Nichols and Marci Knight
Chris Nichols and Beth Johnson