Mobility and optimization continue to drive banking trends across the U.S. as increased numbers of customers grow more accustomed to moving money and performing basic financial transactions electronically.
As this trend continues to evolve, banks are responding with decreased branches and more innovative solutions for meeting their customers within their communities in non-traditional settings, such as cafes and co-working spaces. Some banks, such as Bank of America, have event moved towards virtual-banking centers, small outposts with ATMs where customers can drop-in to speak with a live teller who can assist with nearly any type of basic banking transaction. For B of A, the appeal to moving in this direction is its ability to not only decrease its real estate footprint, but also show its customers that it understands the way they prefer to bank.
The shift to fewer branch locations doesn’t equate to industry pullback however. In fact, bank deposits increased by $11.9 trillion in 2017, which underscores that while the industry’s evolution has changed, those that remain are in a stronger position.
JLL sheds light on these trends and others in its recently released report: 2018 Branch Banking. Read on to find out the five takeaways that are shaping the industry this year.