The future of bank branches may not be as perilous as once believed. Mercator’s data shows that the American consumer is still using branches, along with a myriad of other ways of interaction with their bank. Check that data out at https://www.paymentsjournal.com/dont-be-so-quick-to-bulldoze-the-branch/
Check out the video too. At around the 2:30 mark, Jamie Dimon discusses the fact that branches are not dying and that customers of all ages are using branches.
To call Jamie Dimon an influencer is an understatement. He is a center of gravity around whom others orbit. Dimon took over JPMorgan Chase in 2005, just a few years before the financial crisis struck. He has since turned the bank into the US's second-most lucrative business, raking in $32 billion in profits last year, the chairperson of the powerful Business Roundtable and a board member at the Federal Reserve Bank of New York, Dimon is reportedly a billionaire. Here he talks about the changes that most profoundly shape the economy and what he has learned up close from weathering them and optimizing them.
Showing posts with label branch-less banking. Show all posts
Showing posts with label branch-less banking. Show all posts
Thursday 14 November 2019
The American consumer is still using bank branches
Labels:
bank branch,
banking,
branch-less banking,
cryptocurrency,
fintech,
payments,
technology
Wednesday 16 September 2015
Bank of America Takes Another Step Toward Branchless Banking
From The Motley Fool –
“Bank of America announced on Tuesday that customers can now access its mobile app with their fingerprints, doing away with the need to enter a passcode. It's a tiny tweak, but it nevertheless represents an important step in the direction of branchless banking.
One of the biggest challenges for a bank like Bank of America concerns what to do with its expansive (and expensive) branch network. Ten years ago, its coast-to-coast network of physical locations was arguably its greatest competitive advantage. But today, it's evolving into an albatross.
A consulting firm that tracks the performance of bank branches, FMSI, estimates that transaction volumes at credit unions and community banks have fallen by 45% since 1992. Meanwhile, the hourly pay rate of branch employees has increased by 90% over the same period. The net result is that the cost of each in-branch transaction has risen by 133.3% in just over two decades.”
Read more>>
Labels:
Bank of America,
banks,
branch-less banking,
digital banking,
technology
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