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Key takeaways: Like branches that also serve as physical ad space, websites can make or break a potential relationship with a new customer. FIs assessing their websites may discover they need to reevaluate their brand and how they present it elsewhere as well. A bigger overhaul, with or without the help of a marketing partner, can strengthen the FI鈥檚 presentation to prospective customers.

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%).

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:.

Over 41% of prospective customers consider convenient ATM locations when choosing an FI. 10% of Gen Z, 9% of Millenials, and 9% of Gen X customers manage their bank accounts primarily through an ATM鈥攖hat鈥檚 right, prioritizing it over a mobile app, branch visit, or online account.

Consumers were originally wary of COVID-19 transmission at local branches and through the surfaces of ATMs and money. This aversion helped speed up industrywide digitization and increased consumer demand for online and mobile banking offerings. Later, as banks tried to navigate 鈥渢he Great Transition,鈥� they sought to cut operational costs by reducing in-person services, including branches and ATMs.

Over the past weekend, Republic First鈥檚 32 branches reopened as Fulton Bank branches. Shares in Fulton Financial, the owner of Fulton Bank, jumped 10% in morning trading on the Monday after the deal. The bank said its acquisition would nearly double its size in the Philadelphia market. Current estimates have it now holding approximately $30 billion in assets.

Mobile support is not as robust as it should be: 67% of respondents in our survey used a branch to request account opening assistance, 21% used online chat, 19% called a branch, and 16% called a call center. Adding the support features consumers want to mobile will make the cohesive account opening experience more seamless and reduce frustration when they need help. The Most Important Feature to Add.

Each of the bank鈥檚 branches owns a Facebook page. A post that reaches 500 or more people is successful. The branch that gets the greatest engagement from a post gets a monthly award. Branches share their learnings about posts that get good engagement. It makes culture posts about employees and community posts about its community activities and things happening in the community.

These communications could occur over a mobile app, through highly personalized marketing emails, or in pamphlets handed to customers during branch visits. Ideally, these tips also link to tools and resources that help Gen X plan and save better.

All 84 First Republic branches will operate as JPMorgan branches. It agreed to pay the FDIC $10.6 billion for the bank, return all of the deposits that 10 other banks had shared with First Republic in a previous attempt to save it, and eliminate the $5 billion it deposited at that time.

And if you are a national bank like Chase, you also have ATMs, you have physical branches, and you're also pulling in data from there. It's basically just a question of volume. Rob Rubin:. Yeah. I mean, chase has bank branches, they have credit card, they have a lot of information across many different kinds of products. Maria Elm:. Definitely.

We do find that a lot of Gen Z consumers actually like to go into bank branches or credit union branches. So I think that was a really good conversation that we just had about credit unions. I wasn't expecting to raise that memory of mine, and now I'm feeling a little verklempt. Tansley Stearns:. Right. We are moving times. It's watching people...

Shein branches out: Shein鈥檚 鈥渟upply chain as a service鈥� offering is a significant attempt at diversification at a crucial time for the company. In addition to being leapfrogged by Temu, its IPO has effectively been put on hold due to political headwinds in the US. Shein鈥檚 on-demand production model is the key to its meteoric rise.

Age is the determining factor in willingness to try new products, with millennials and Gen Zers being more likely to branch out than Gen Xers or baby boomers. Younger generations are also more likely to discover new products via social media. Brands that want to increase awareness and consideration among younger consumers must use digital channels to do so. Use this chart:.

The Hollywood strikes have helped the creator economy stay healthy, as advertisers look outside of TV and creators branch into new revenue streams. Influencer marketing spend growth is highest on TikTok, but the category is also outpacing social ad revenue growth on every major social platform, according to our forecast.

Power鈥檚 2023 US National Banking Satisfaction Study revealed that although customer satisfaction has improved at national banks (those with domestic deposits which exceed $300 billion and at least 200 branches, per the study), better deposit interest rates can still lure consumers away. These results are based on a survey of 2,938 US retail banking customers fielded in August-September 2023.

Online access and a fee-free ATM network are the two most important bank services/features according to US banking customers, per to a July 2024 survey from Nerdwallet conducted by The Harris Poll.

What the branch means in the age of digital banking. More Chart of the Day:. 9/19 - Top platforms by influencer marketing spending. 9/18 - Temu vs. Amazon, Target, and Walmart. 9/15 - Creator creativity. 9/14 - The fastest-growing industries by digital ad spending. 9/13 - Calling on mcommerce. Note: Credit card and loan accounts are excluded.

Forty of Signature Bank鈥檚 branches will be renamed Flagstar Bank beginning this week. The bottom line: Financial regulators around the world hoped the buyouts would quiet the storm that鈥檚 raged in the banking sector over the past week and a half鈥攂ut the stock markets are still howling.

The commercial ends with the statement 鈥渦nlike the big banks, we鈥檙e not closing our 产谤补苍肠丑别蝉.鈥� The bank has promised to keep its branches open until at least 2026. Santander reported the Nationwide ad for 鈥渕isleading鈥� and 鈥渄iscrediting its rivals.鈥� In 2023, Santander closed six branches in the UK, while competitors closed upward of 100 branches over the same period.

The raise: PhonePe raised $350 million at a $12 billion valuation as the Indian digital payments provider embarks on major fundraising plans to branch out into new products, according to a press release. The investment is the first tranche of fundraising aimed at securing up to $1 billion. The second tranche is expected to close next month.

The rule expands the geographic focus of lenders鈥� responsibilities from physical branches to areas where FIs have a concentration of mortgage and small-business loans. This aligns the CRA with modern online banking practices and brings in peer and demographic data benchmarks.

In September 2022, online traffic started to branch out as the top three sites lost share to brands like Purina, Hill鈥檚 Pet Nutrition, and Pet Supplies Plus. Health and wellness products are also becoming more popular. For example, PrettyLitter, which helps owners monitor their cat鈥檚 health, is up 37%, and Embark Veterinary, which sells dog DNA tests to determine breed, health, and age, is up 42%.

Discover has a single physical branch in Delaware. It鈥檚 unclear whether it and its bank accounts would keep the Discover branding after the merger, but Capital One believes initial customer impacts will be minimal.