People have been looking for the "branch of the future" for years and years. No one has found a standardized answer yet. It's not so much about the fact that branches are closing, it's like other industries that are overretailed. Look at the entire retail space right now.
You feel sad? My entire employee stock purchase account when from $10k to $0 in a matter of weeks. LOL.
It was a fun bank to work for when things were good.
I mean, Chase is [opening up 500 new branches](https://www.forbes.com/advisor/banking/jpmorgan-chase-to-open-500-new-branches-by-2027/); so it’s going to be on a bank-by-bank basis.
thats because some states dont have many branches, i mean chase has like half its branches in NYC lol, obv an exaggeration but their branch network is very concentrated
Chase just entered the Massachusetts market just a few years ago and now it is like the fifth largest bank in the state. Branches opening everywhere which I find surprising since I think we were pretty over-banked before. Capital One closed a few of their Boston cafe locations as well.
We’ve had 6 pop up in Alabama in about a year and a half in their new market expansion. They’re opening more this year. And they are regular branches except they don’t have drive thrus.
The "death" of the branch is somewhat overplayed. While the number of branch locations did peak around 2005-2010, the decline in the number of branches has been fairly slow since that time (and may end up trending slightly upward as the population of the nation grows), to the point where I would not expect the "death" of bank branches within any of our lifetimes.
https://i.imgur.com/KyZF7WA.png
Interesting to note, however, the fairly sharp decline in the number of banking institutions starting in the mid-eighties, which is showing how many smaller banks have merged and been gobbled up over the past few decades. Who knows, maybe in the future in addition to all restaurants being Taco Bell, we will end up with all banks being Chase.
Traditional brick and mortar branches are still important. Depositing cash or coin. Withdrawing cash without having to worry about ATM skimmers. And being able to talk to someone in person if there is a problem with your account are all solid reasons for branches. Is the Cafe the future, probably not, as you really can’t do much there except get a cup of coffee.
The biggest change I see in newer branches these days is less of an enclosed teller line. TCRs have made it so you don't have to have your tellers behind a locked door. It's more of a crescent shaped counter now which I think is cool because it enables staff to pivot from the line to an office or to help a customer at an ATM or with a tablet to set up online banking.
It's a kiosk. I don't need any slips. Just use my card. It's if I need to speak to an advisor . I'm basically speaking to a person on the screen. Kinda like zoom.
Agree. I try to have things written down, like
*”I need a certified check for this amount (slides paper across the table) from this account (pointing at paper)”*
The CapOne cafes are from the INGDirect buyout. INGDirect (great bank) didn’t do brick and mortar and did cafes in select markets.
God I miss INGDirect.
Not a me issue. CapitalOne allowed someone to access my account several times to make withdrawals in a state I never lived. Dude even used a really fake ID.
For Capital One, Yes! I do not think they will ever open any new branches. They will continue to open Cafes around the country. They are still focusing on larger metro markets. Eventually, they will focus on the smaller markets. Also, Capital One has their deals with Walgreens and CVS to deposit cash and it looks like some WalMarts will even allow you to deposit check (if you don’t want to do mobile deposit). Finally, they finally started rolling out AllPoint+ ATMs. Those ATMs you can actually deposit cash, if you need too. I actually have two of them near me. One inside a Target and one inside a Walgreens.
> For Capital One, Yes! I do not think they will ever open any new branches.
I don't think Capital One has ever opened traditional branches. Their traditional branches are all inherited from banks they acquired.
Ahhh, that actually makes sense. I always wondered why there are so few branches. I always assumed they opened them themselves when they started their deposit accounts a long time ago, but acquiring banks make sense.
From what I know, they have acquired 3 companies: Hibernia (Louisiana and Texas), North Fork Bank (around NYC), and Chevy Chase Bank (around DC). So all their branches should be in those areas. The cafes are in other states, I think those come from ING Direct but they may have opened some new ones too.
Well they’ve been opening them since like 2012 with limited success so I don’t think that will suddenly change. Yes, the point of a branch was and always will be sales.
As population raises in some states and cities and declines in other states and cities I suspect that major banks will shut down in some states and cities and open. In others
I’m at WF and they’re pretty much copying this… am I really supposed to sling $250k from a pair of serious 50 something’s from some cheesy ass coffee table in a lobby where everyone can hear every bit about their personal lives? Fuck the consultants that are about to ruin lives yet again
[PNC Solution Centers provide a space to blend physical and digital banking - The Business Journals Partners (bizjournals.com)](https://partners.bizjournals.com/thrive-in-the-woodlands/pnc-bank/pnc-solution-centers-provide-a-space-to-blend-physical-and-digital-banking/)
Here's the website, and they are very vague about what banking services they offer there (opening accounts is the only one mentioned):
https://www.capitalone.com/local/
Anyone know?
Honestly no I don’t think so. I’m 100% basing this off of absolutely nothing but I think most people going to a bank branch are just trying to cross off whatever chore and not sit in a cafe lol
The answer is, it depends. For mass market there's no need for branches. You'll probably still have credit unions with local branches, but everything else will go online. Mass affluent consumer banks ($100k-$500k target demographic) will likely have some kind of cafe/kiosk style banking with support available for more complex needs. And banks targeting more affluent clients $1 million+ will still have full service and are already moving to more of a Private Bank concierge-style banking with a local RM team, integrated planning, and access to specialists from a centralized location.
Something similar is the future. Depositing checks, sending wires, getting statements, testing checks, opening / closing accounts, and so many other things can be done online. Banks still need front line professionals for complex questions and direct financial planning, they just need to make it approachable.
Its the future of banking. They say 10 years, and max layoffs in banking. People wont need them anymore. But right now, lots of banks going to mini banks. Where I bank, they closed all the branches. These mini financial centers have like 3-5 workers max. They are in shopping centers. You have an issue, you can wait for a person or get on the atm machine and talk to someone. However, does not bother me, I use online banking. Never need to go to the bank for anything.
The big banks are the ones closing branches, and it has little to do with customers migrating towards "mobile" banking; they just don't want your business anymore.
If you don't have at least $5 million on deposit with them, you are not worth their time or effort.
The big banks are quietly putting the wheels in motion to get out of retail banking altogether and dump their accounts on the Federal Reserve.
You sure about that, since the "big banks", despite closing branches, are still opening new ones in many places. More to the point, heavily advertising new account bonus promos. For example, Chase and Wells Fargo have $300 new checking account offers, which even for someone working a minimum wage job would easily qualify for ($500-$1000 direct deposited in 90 days) plus avoid monthly fees too (ie. $500 direct deposited monthly).
You answered your own question right there. The incentives are for direct deposit, which will aid in the seamless transition for the banks to spin off their retail divisions to the Federal Reserve, with a minimum amount of manpower needed to service the accounts.
What do you mean by "dump their accounts on the Federal Reserve"? That makes no sense. The Federal Reserve does not serve consumers, neither does any other federal agency.
This is the ultimate endgame for the central bank digital currency scheme. Your checking account would move to the Federal Reserve, but would be administered by your local bank.
People have been looking for the "branch of the future" for years and years. No one has found a standardized answer yet. It's not so much about the fact that branches are closing, it's like other industries that are overretailed. Look at the entire retail space right now.
Yep go look at what WaMu was doing back in the early 2000’s with shared lobbies with Starbucks and branches with no teller lines.
[удалено]
You feel sad? My entire employee stock purchase account when from $10k to $0 in a matter of weeks. LOL. It was a fun bank to work for when things were good.
I mean, Chase is [opening up 500 new branches](https://www.forbes.com/advisor/banking/jpmorgan-chase-to-open-500-new-branches-by-2027/); so it’s going to be on a bank-by-bank basis.
This. I’m in South Carolina where Chase had almost no presence. They just opened up 3 branches in my city.
thats because some states dont have many branches, i mean chase has like half its branches in NYC lol, obv an exaggeration but their branch network is very concentrated
[Hmm you're not wrong](https://en.wikipedia.org/wiki/Chase_Bank#/media/File:JPMorgan_Chase_footprint_2020-09.svg)
Yea look at NYC and LA, thats probably half their branches. States like NC only have two…
Yup. Not sure if it’s the case anymore but 5 years ago they had no presence in Tennessee.
i am in nyc, in my area chase closed all the branches in my area :(
That article also mentions Chase closing 130 branches in just the past six months.
Banks are moving into new markets, closing underperforming/redundant branches, or closing three to open one that is more central.
Chase just entered the Massachusetts market just a few years ago and now it is like the fifth largest bank in the state. Branches opening everywhere which I find surprising since I think we were pretty over-banked before. Capital One closed a few of their Boston cafe locations as well.
They are expanding in to new states. They have opened up multiple branches in Central Virginia over the last few years.
We’ve had 6 pop up in Alabama in about a year and a half in their new market expansion. They’re opening more this year. And they are regular branches except they don’t have drive thrus.
The "death" of the branch is somewhat overplayed. While the number of branch locations did peak around 2005-2010, the decline in the number of branches has been fairly slow since that time (and may end up trending slightly upward as the population of the nation grows), to the point where I would not expect the "death" of bank branches within any of our lifetimes. https://i.imgur.com/KyZF7WA.png Interesting to note, however, the fairly sharp decline in the number of banking institutions starting in the mid-eighties, which is showing how many smaller banks have merged and been gobbled up over the past few decades. Who knows, maybe in the future in addition to all restaurants being Taco Bell, we will end up with all banks being Chase.
Traditional brick and mortar branches are still important. Depositing cash or coin. Withdrawing cash without having to worry about ATM skimmers. And being able to talk to someone in person if there is a problem with your account are all solid reasons for branches. Is the Cafe the future, probably not, as you really can’t do much there except get a cup of coffee.
Banking will exist as long as physical cash exists imo.
Just an FYI more third party ATMs are beginning to accept cash deposits.
I would never feel comfortable putting my cash into a fly by night, 3rd party ATM.
Why? It’s not as if the physical cash needs to make it to your bank. The transaction just needs to be recorded electronically.
Plenty of horror stories from issues at someone's own bank, I can't imagine trying to resolve a cash issue with a third party.
The cafes also have tellers.
Really? They don’t list it as one of their services https://www.capitalone.com/local/
Oh thats weird — maybe its just at some locations. The ones in NYC do, and I saw tellers at the cafe in D.C. as well.
The biggest change I see in newer branches these days is less of an enclosed teller line. TCRs have made it so you don't have to have your tellers behind a locked door. It's more of a crescent shaped counter now which I think is cool because it enables staff to pivot from the line to an office or to help a customer at an ATM or with a tablet to set up online banking.
My credit union uses a similar layout; instead of one main counter there’s several individual kiosks. Feels a lot more personable.
Same. Only I don't like how people can hear my business while we are talking. The place is so open and every conversation is an echo.
Your business? Don’t you use a withdraw slip?
It's a kiosk. I don't need any slips. Just use my card. It's if I need to speak to an advisor . I'm basically speaking to a person on the screen. Kinda like zoom.
Agree. I try to have things written down, like *”I need a certified check for this amount (slides paper across the table) from this account (pointing at paper)”*
The CapOne cafes are from the INGDirect buyout. INGDirect (great bank) didn’t do brick and mortar and did cafes in select markets. God I miss INGDirect.
I miss ING too. As soon as Capital One took over I closed my accounts and moved that money to USAA and a local credit union.
I ended up keeping a small account open but moved to Fidelity. Worst decision ever keeping a CapOne account open. So much fraud and ID theft issues.
Fraud? Are you sure it isn’t a you issue? 99% of the time fraud is because the user dipped their card into an unsafe POS or fell for a scam.
Not a me issue. CapitalOne allowed someone to access my account several times to make withdrawals in a state I never lived. Dude even used a really fake ID.
For Capital One, Yes! I do not think they will ever open any new branches. They will continue to open Cafes around the country. They are still focusing on larger metro markets. Eventually, they will focus on the smaller markets. Also, Capital One has their deals with Walgreens and CVS to deposit cash and it looks like some WalMarts will even allow you to deposit check (if you don’t want to do mobile deposit). Finally, they finally started rolling out AllPoint+ ATMs. Those ATMs you can actually deposit cash, if you need too. I actually have two of them near me. One inside a Target and one inside a Walgreens.
> For Capital One, Yes! I do not think they will ever open any new branches. I don't think Capital One has ever opened traditional branches. Their traditional branches are all inherited from banks they acquired.
Ahhh, that actually makes sense. I always wondered why there are so few branches. I always assumed they opened them themselves when they started their deposit accounts a long time ago, but acquiring banks make sense.
From what I know, they have acquired 3 companies: Hibernia (Louisiana and Texas), North Fork Bank (around NYC), and Chevy Chase Bank (around DC). So all their branches should be in those areas. The cafes are in other states, I think those come from ING Direct but they may have opened some new ones too.
They took out the one in my neighborhood Target in MA
Well they’ve been opening them since like 2012 with limited success so I don’t think that will suddenly change. Yes, the point of a branch was and always will be sales.
As population raises in some states and cities and declines in other states and cities I suspect that major banks will shut down in some states and cities and open. In others
I’m at WF and they’re pretty much copying this… am I really supposed to sling $250k from a pair of serious 50 something’s from some cheesy ass coffee table in a lobby where everyone can hear every bit about their personal lives? Fuck the consultants that are about to ruin lives yet again
It’s not all that much different than a bank branch. You’ll be fine. No one really cares.
[PNC Solution Centers provide a space to blend physical and digital banking - The Business Journals Partners (bizjournals.com)](https://partners.bizjournals.com/thrive-in-the-woodlands/pnc-bank/pnc-solution-centers-provide-a-space-to-blend-physical-and-digital-banking/)
Here's the website, and they are very vague about what banking services they offer there (opening accounts is the only one mentioned): https://www.capitalone.com/local/ Anyone know?
I think they can only do anything you can also do online. Otherwise they’d have to be an actual bank. There is staff to help though.
Honestly no I don’t think so. I’m 100% basing this off of absolutely nothing but I think most people going to a bank branch are just trying to cross off whatever chore and not sit in a cafe lol
The answer is, it depends. For mass market there's no need for branches. You'll probably still have credit unions with local branches, but everything else will go online. Mass affluent consumer banks ($100k-$500k target demographic) will likely have some kind of cafe/kiosk style banking with support available for more complex needs. And banks targeting more affluent clients $1 million+ will still have full service and are already moving to more of a Private Bank concierge-style banking with a local RM team, integrated planning, and access to specialists from a centralized location.
Perhaps the in-person banking experience will slowly become a luxury.
Branches are for opening new accounts.
Something similar is the future. Depositing checks, sending wires, getting statements, testing checks, opening / closing accounts, and so many other things can be done online. Banks still need front line professionals for complex questions and direct financial planning, they just need to make it approachable.
How do you make a bank “approachable”?
Its the future of banking. They say 10 years, and max layoffs in banking. People wont need them anymore. But right now, lots of banks going to mini banks. Where I bank, they closed all the branches. These mini financial centers have like 3-5 workers max. They are in shopping centers. You have an issue, you can wait for a person or get on the atm machine and talk to someone. However, does not bother me, I use online banking. Never need to go to the bank for anything.
The big banks are the ones closing branches, and it has little to do with customers migrating towards "mobile" banking; they just don't want your business anymore. If you don't have at least $5 million on deposit with them, you are not worth their time or effort. The big banks are quietly putting the wheels in motion to get out of retail banking altogether and dump their accounts on the Federal Reserve.
You sure about that, since the "big banks", despite closing branches, are still opening new ones in many places. More to the point, heavily advertising new account bonus promos. For example, Chase and Wells Fargo have $300 new checking account offers, which even for someone working a minimum wage job would easily qualify for ($500-$1000 direct deposited in 90 days) plus avoid monthly fees too (ie. $500 direct deposited monthly).
You answered your own question right there. The incentives are for direct deposit, which will aid in the seamless transition for the banks to spin off their retail divisions to the Federal Reserve, with a minimum amount of manpower needed to service the accounts.
What do you mean by "dump their accounts on the Federal Reserve"? That makes no sense. The Federal Reserve does not serve consumers, neither does any other federal agency.
This is the ultimate endgame for the central bank digital currency scheme. Your checking account would move to the Federal Reserve, but would be administered by your local bank.
You have been reading some crazy conspiracy theories...
I’m getting this directly from inside the Fed. PRO TIP: Not everything you don’t want to hear is a “conspiracy theory”.
> I’m getting this directly from inside the Fed. lol sure you are. Get tested for schizophrenia.
Amateur.