The Bank Branch is Dead. Long Live the Bank Branch.
How many consumers, would you say, still do their banking primarily in branches? According to this recent American Bankers Association survey, about 18%. The basal problem? Today's branches are too focused on simple transactions that lend themselves to digital self-service.
But If you think that means the bank branch is dying, think again. Over 50% of consumers – including “digital native” millennials – still pay regular visits to brick-and-mortar branches, even if only to make deposits or cash withdrawals.
Does the future hold room for bank branches? Absolutely. Consumers still crave human interaction. But, as Mirador EVP and GM Trevor Dryer posits, branches must serve an entirely different function to find relevance in the not-so-distant future. In his most recent Forbes article, Dryer offers examples of present-day financial institutions that are morphing their bank branches to stay in-step with changing consumer needs. And he suggests how banks – and their branches – can stay relevant in a digital-first era. Read it now.
Trevor Dryer is a Forbes Finance Council member, an advocate for small business lending and a fintech proponent. He regularly contributes think pieces about trending topics in the banking industry, improving access to capital and small business lending. Be sure to check out and follow his contributor page.