Death of Physical Branches: Is This The Inevitable Future?
Are branches still relevant? Or are they doomed to the same fate as Blockbuster and Borders? This analysis looks at three perspectives.
Remember a few years ago when you drove to Borders to buy a book, then stopped by Blockbuster and rented a movie? Now you buy your books on an e-reader, and more movies are rented with a streaming service like Netflix. Traditional brick and mortar locations in many retail sectors are simply fading away. This same dramatic transition is taking place with financial institutions. In today’s digital world where financial services are increasingly electronic (ATM’s, online, mobile devices, etc.), is there still a need for physical branches? This is one of the hottest debates among financial institution executives, so let’s examine the subject through the lens of three perspectives:
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