Most consumers can imagine they’ll bank 100% digitally in the future, even those who love traditional banking, branches and check writing.
Many banks and credit unions are winding down branch network size and downsizing existing branches while expanding digital service channels to support customers. This makes sense: Nearly three-quarters of bank shoppers believe they’ll do all their banking virtually in the future. The paradox is that branches are still very important for new customer acquisition. Today, many consumers choose the institution with the most convenient branch locations and many will go into branches to open accounts. But after that, most will visit branches very infrequently, if ever.
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