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Traditional FIs value and rely on their branch locations and onsite visits to build small business lending relationships. These small businesses are generally located near one of the banks鈥� branches. Small and large FIs approach this business differently.

Excellent customer service at the branch, which most fintechs don鈥檛 have. In Content Builder, include this boilerplate copy, italicized at the bottom of your articles: This article is part of 蘑菇AV鈥檚 client-only subscription Briefings鈥攄aily newsletters authored by industry analysts who are experts in marketing, advertising, media, and tech trends.

Younger consumers were more likely to visit bank branches weekly or more. Gen Xers were the most likely to say that their bank doesn鈥檛 have a branch nearby (or at all), while over 13% of both millennials and Gen Zers visit their local banks at least once per week. By comparison, 8% of boomers do the same. This could be an indicator of the viral 鈥渃ash stuffing鈥� trend among young consumers.

JPMorgan launched its Financial Center branch concept in New York City and San Francisco to attract clients with over $750,000 in total assets. It plans to open 30 Financial Centers in seven states by the end of 2026. U.S. Bank launched interconnected savings and spending products to help affluent clients compound rewards.

Hire an in-house designer to integrate each branch into its community and reflect the local culture, history, and aesthetics. For example, its Williamsburg, Brooklyn branch uses a sculptor鈥檚 old studio and incorporates some art from the neighborhood into its design.

The trend: As the number of US bank branches continues to bounce back, banks are implementing new branch strategies for maximizing traffic and customer reach and satisfaction. A few larger banks dominate US airport terminals, hoping to attract airport employees and travelers with time to kill between flights, per CNBC.

Virtual tellers also offer socially anxious young consumers a more comfortable alternative to walking into a branch, waiting in line, and speaking with someone in person.

And the credit union has expansion plans鈥擲unward is acquiring the New Mexico operations of Utah-based Mountain America Credit Union, adding two branches in Albuquerque, and plans further branch expansions in the South Valley and West Side, increasing its presence to 17 locations.

JPMorgan Chase plans to open nearly 100 branches in low-income areas, bucking a trend of banks shuttering locations. Other banks are offering tools to help customers improve their financial knowledge and resilience; Wells Fargo recently offered blended cooking/financial literacy classes in New York with a focus on reaching Latinos.

Her reasons included her local branch closure and a desire for hometown-style customer service. A municipal customer also described ending her relationship with US Bank after it took six months to resolve a major deposit error. She was also happy with the higher interest rate at her new local bank.

When FIs attempt to fill the gaps left behind by branch closures, customers who cannot participate in telephone conversations or mobile banking often fall through the cracks. Going digital isn鈥檛 the only answer: While digital banking has welcomed many disabled customers into the everyday banking experience, it isn鈥檛 the end-all, be-all in banking accessibility.

The number of ATMs and bank branches in the UK has fallen sharply in recent years, per UK government research. The US went from 470,000 ATMs in 2019 to 451,500 at the end of 2022, per Euromonitor International data cited by the Wall Street Journal. Our take: The US and UK governments are working to protect cash access.

But needing to apply in branch could deter some consumers from applying, and Chase may have missed out on the wave of consumers looking for new credit cards as rising interest rates put people off borrowing. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry.

The news: A massive Bank of America (BofA) outage on Wednesday disrupted digital and in-branch services for thousands of users. The outage left some unable to see their account balances while others saw $0 balances in their web and mobile banking apps. BofA鈥檚 brick-and-mortar branches prevented customers from coming in, saying the 鈥渟ystem was down,鈥� per Tom鈥檚 Guide.

And per the complaint filed in the US District Court for the Eastern District of Pennsylvania, Citadel never followed through on its pledge to open three branches in predominantly Black and Hispanic Philadelphia neighborhoods in 2009.

What鈥檚 next: The sole branch of First National Bank of Lindsay reopened as a branch of First Bank & Trust Co on October 21, per the FDIC. Customers鈥� deposits up to $250,000 were FDIC insured, and the regulator will consider claims in excess of that limit on a case-by-case basis.

This campaign aligns with its hiring and branch location strategies which are aimed at acquiring customers in low-income communities. Critics questioned the effectiveness of this initiative, and the bank responded by agreeing to a third-party audit of its progress鈥攚hich confirmed its work. This highlights the importance of truthfulness in environmental and social marketing campaigns.

The news: Washington-based Hapo Community Credit Union is set to acquire Community First Bank, a five-branch bank that鈥檚 also located in Washington. This acquisition breaks the previous record for credit union-bank deals, with 2024 seeing 18 such deals so far, surpassing the 2022 record of 16, per Banking Dive.

The news: Marqeta rolled out a buy now, pay later (BNPL) solution called Marqeta Flex in partnership with Klarna, Affirm, and payments platform Branch, per a press release. The solution helps payment apps, digital wallets, and card issuers embed BNPL payment options from multiple providers within their payment flows and offer customers personalized options.

As financial functions go digital and bank branches shutter, chatbots are more likely than human staff to field customers鈥� questions and problems. But many customers are dissatisfied with the inherent limitations of simple rule-based chatbots that can handle only basic questions and routine transactions. How does this affect FIs?

That鈥檚 followed closely by physical banking branches at 54.8%. This means:. Banks should try to reach their elderly customers with educational materials, both at the branch and on the bank鈥檚 website. At the branch, employees should be trained and prompted to hand physical educational materials to elderly customers that will help them watch for fraud.

They also used it for sending general alerts to customers, such as branch openings and holiday hours (15%). Banks also used social media to showcase their thought leadership and brand (14%).

Zooming out: Google鈥檚 change is an olive branch intended to reassure advertisers seeking greater protections for their first-party data on major platforms. However, it could also be an attempt to appease regulators in the US and EU, who have increasingly turned a wary eye toward data collection practices.

Their motives for these conversions include growing, raising capital, diversifying loan portfolios, and potentially acquiring other banks or branch offices, per New Orleans Metro News. Why resort to conversions? Mutual banks often focus on serving the local community and may prioritize depositor interests over maximizing shareholder profits.

So without branches, or without the need for account opening, what would the branches do beyond transact for those customers that refuse to do it online? Rob Rubin:. So you think bank branches would just close? Alex Jimenez:. I think a large number of them would. Yeah, the majority would. Tiffani Montez:.