Joshua I. Gorra的动态

In 2023, U.S. banks increased their branches for the first time since 2012, adding 94 net new locations. This shift reverses a decade of branch closures due to digital banking's rise. Major banks like JPMorgan Chase & Co. are leading this trend, planning hundreds of new branches to attract wealth management and small-business clients, signaling a strategic return to physical banking despite the ongoing digital shift. #jpmorganchase

Digital and Physical are channels to extend services. In an era challenged by Metaverses and ubiquitous AI, the physical will never wither away. Banking is all about trust & Phygital (physical+digital) trust will surely stand all tests of time.

The reverse transition is interesting, but not surprising. UHNW/HNW customers and business clients would always lean towards a personalised banking experience considering the sensitivity of transactions. Digitalisation should not come at the cost of customer experience.

Will bank branches become a thing of the past? ·??????Lenders have shifted to new processes, potentially ending bank branches. ·??????The pandemic accelerated digital transformation, introducing virtual documents and remote customer interactions. ·??????Digital-only banks are becoming more prevalent, challenging traditional branches. ·??????Online lenders offer quicker turnaround times, cheaper rates, and competitive products. ·??????Macquarie Bank and Bankwest are examples of banks moving to fully online services. ·??????Branches may become obsolete within the next 10 to 20 years. ·??????Brokers must adapt to these changes to continue offering full-service options to clients. Reference: Jack Campbell 04 July 2024 https://lnkd.in/e6jYh5k8

The already intense competition for deposits is not getting any easier. Goliath is doubling down on its commitment to branches. Other national and super-regional players without question will play the "follow the leader" game and bring branching back in vogue and into the public consciousness. Chase is satisfied with the performance of their investment in 650 (!!) new branches over the past five years and has plans to add 500 more by 2027 - in major metros including Boston. Their goal is to get from a 12% to a 20% national deposit market share, through a consistent, dedicated campaign of precise, focused field execution. As a community banker, this prospect is daunting. Large banks have a competitive advantage in their ability to deploy capital to technology investments. The refocus on branches - traditionally an advantage point for community banks at the local market level - is a strategic risk that we need to take seriously. Investing in our business cannot be one-dimensional. It is no longer prudent to prioritize exclusively technology; or to invest in only talent; or to try to win just on the merits of marketing. All of these areas, plus the physical branch and atm network, need to live in harmony in banks' strategic plans. The importance of data analytics to drive higher success ratios in these investments cannot be overstated. The stakes are high - but I'm confident that our community bank peers are up for the challenge! It has been eerily quiet lately on the "bank branches are dead" and "fintech companies will eat traditional banks alive" front. What are the futurists saying about this news? I'd love to hear all sides of the argument. Brett King, Ron Shevlin, Dave Martin, Tom McDermott, Ben Hopper, Andrew Hovet - care to weigh in? #communitybanking #deposits #marketshare #dataanalytics #branchbanking

Branches matter. People matter. Technology matters. Technology doesn’t always replace the need for face to face, but it sure can add to a positive experience. #retailbanking #firsthorizon #serveothers

The Dallas-Fort Worth area is thriving, showcasing resilience in its banking sector with a net increase of one bank branch in the past year, even as over 1,000 branches closed nationwide. Discover more about this positive trend here: https://okt.to/KxV6eJ.

For the first time in a decade, US banks are making a strong comeback with the addition of more net new branches in 2023. According to the Federal Deposit Insurance Corporation (FDIC), banks across the nation added 94 net new branches last year, marking a significant shift from the trend of branch closures in previous years. According to David Hollerith, Yahoo Finance, this resurgence in physical locations comes after a decade-long consolidation triggered by the aftermath of the 2008 financial crisis. Now, major players like PNC, Fifth Third Bank, and JPMorgan Chase & Co. are doubling down on brick-and-mortar expansion, viewing it as a strategic move to tap into new wealth management and small-business opportunities. JPMorgan Chase, in particular, is leading the charge with plans to build 500 new branches over the next three years, accompanied by the renovation of another 1,700. Jennifer Roberts, CEO of consumer banking at JPMorgan Chase, emphasized the importance of physical branches in enhancing customer experience and expanding the bank's network. While online banking has undoubtedly reshaped the industry landscape, the recent shift back to physical branches underscores the enduring value of personal connections in wealth management and customer service. As we navigate through industry transformations, it's evident that banks are embracing a balanced approach, combining digital innovation with the timeless appeal of face-to-face interactions. Stay tuned as the banking sector continues to evolve and adapt to meet the changing needs of customers nationwide. Read more here: https://lnkd.in/ghPXqCAR #HalifaxWest?#WinTogether?#capitaladvisory?#MandA?#restructuring?#operatingadvisory #Banking #Finance #BranchExpansion #CustomerExperience

The new era of banking apparently involves opening up branches. Bank of America joins JPMorgan Chase by banking on brick-and-mortar locations to reach new customers. BofA plans to open more than 165 new branches by end of 2026, while JPM has even more ambitious goals opening 500 new branches by 2027. It's an old school approach to today's regulation. There's a bit of rhyme and reason to expanding their physical branch networks. Banks such as BofA and JPM see them as a strategic way to attract high-value customers like wealth management clients and small businesses without resorting to potentially problematic mergers and acquisitions. In other words, doling out financial advice to consumers in hopes of a bigger deal tomorrow is much more important than getting them to their checks today. At odds with history, banks are bucking the trend they set nearly two decades ago. Many banks including BofA closed thousands of branches back in the early 2010s because of the shift to online and digital banking. The bet back then was that consumers would embrace online mobile banking for conducting their transactions and bypass the human tellers at branches. That's certainly happened with banks heavily investing in banking technology while scaling back on branches at the expense of cutting customer service. In the process, however, it also reduced the ability of banks to sell high-margin services such as loans. While branches may be making a comeback, let's keep it real. These new proposed openings may be encouraging for those wanting a return to more human customer service, but they are a small drop in the financial bucket. Banks shuttered plenty of locations a decade ago, and we're still far from making up for those losses https://lnkd.in/gkS2FDKz #bankofamerica #banks #consumers #finance #banking #retailbanking #realestate #mobilebanking

The future of #banking is online banking. The same goes with #retail #highereducation #downtowns #everythingelse. The good thing is #haircuts and #swimmingpools are here to stay :) Bank of America, Wells Fargo, & Chase shut branches as 79 banks in US close – companies ‘gamble’ while customers suffer https://lnkd.in/gdePYD4e