Lock in a year of Digiday+ for 35% less. Ends May 29.
There may be no physical institution as historically revered as a bank. Community centers and trusted destinations, the banks of our imaginations are cool and quiet spaces housed inside classical limestone buildings. Ceilings are high, floors are marble; words echo. Behind bronze-framed windows, tellers take money from trusting customers for safekeeping or direct them to comfortable chairs where they wait for a personal banker.
Nice try. Banks these days are hardly elegant or imposing. Most have shrunk in size thanks to rising costs of real estate, and many have disappeared entirely, according to data from the Federal Deposit Insurance Corporation. Chase reduced its branch presence by 190 locations, a 3.4 percent decline, from 2012 to 2016. Wells Fargo closed 98 branches, a 1.6 percent decline in the same period. Its peers are even more aggressive. Bank of America closed 243 branches (16 percent) in that period and Citi closed 302 (28.5 percent).
Branches are consolidating locations with lower servicing volume, opening in higher growth areas and renovating existing branches and ATMs. More importantly, they’re evolving into more compact, digitally oriented spaces that incorporate new technology and help branch employees focus on improving the customer experience.
Some end up looking more like Apple Genius Bars than banks.
More in Marketing
OpenAI gives ChatGPT ads a visual upgrade
OpenAI is building on its single ad format to include some new iterations that give advertisers more optionality over their appearances.
‘Trust becomes the product’: Marketers grapple with Google’s new suite of AI-powered ad agents
Google announced a new souped up suite of agentic ad tools backed by its LLM, Gemini.
Who owns agentic workflows? Agencies struggle to govern new tools as marketing budgets surge
Deciding how AI is used, vetting tools, shaping best practices and how staff are incentivized to use AI tools are still up for debate internally at agencies.