Online retailers are investing in physical stores to build stronger customer relationships, but banks are reducing their footprints and ignoring opportunities to make customers happy.
The role of branches in consumers' lives may be changing in the digital age, but brick-and-mortar locations are here to stay. To adapt, Citizens Bank has begun a "10-year process" of retrofitting its branch network.
The acquirer of the failed Guaranty Bank took a pass on the latter’s 107 in-store branches, leading to their shutdown and a disruption in service for many low-income customers.
Even as units of a larger holding company, local banks fight the perception that they can’t provide sophisticated services like corporate or private banking. Executives say that unifying the brand will help Synovus better compete against larger players.
A freewheeling discussion (over beers) about the future of branches with Tom Brown of Second Curve Capital and Dave Martin of BankMechanics at the Trump National Doral hotel in Miami during American Banker’s Retail Banking 2017 conference.
These execs say they are finding ways to reduce fixed costs in areas such as branching and personnel, offer appealing tech, yet provide in-person services when customers have concerns.
The deal includes $52.6 million in deposits and $13.2 million in loans, and the bank has indicated it plans to close two more locations in Wisconsin in June.
